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2016 (1) TMI 1070 - AT - Income TaxAddition on account of unexplained jewellery out of the jewellery found at the time of search - CIT(A) deleted the addition - Held that:- Gold jewellery found to the extent of limit mentioned in the circular is treated as explained and this can be clearly applied on the assessee's case, wherein no specific deduction of gold jewellery possessed by family members and grand children was given by the Assessing Officer from the total gold jewellery found at the time of search and seizure operation and differential gold jewellery of 1924.22 gr. is the gold jewellery possessed by the female members and minor children of the assessee's joint family and this quantity of 1924.22 gr. is well within the total limit of jewellery at 2100 gr. as per the CBDT instruction no.1916 dated 11.05.1994. Therefore by respectfully following the decision of Hon'ble Jurisdictional High Court in case of CIT vs. Ratanlal Vyaparilal Jain (2010 (7) TMI 769 - Gujarat High Court) and in view of our discussions made above, we find no infirmity in the order of the CIT(A) so as to warrant interference and accordingly, the grounds taken by the Revenue are rejected. - Decided against revenue
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