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2016 (7) TMI 1529 - AT - Income TaxUndisclosed investment in jewellery - Search operation in the premises of the assessee - credit to the jewellery declared under the VDIS by the assessee’s mother-in-law - wealth tax return was not filed either by the assessee or her husband or by her mother-in-law - AO rejected this claim of the assessee on the ground that the item of jewellery mentioned in the VDIS does not match with the inventory of the jewellery seized during the course of search operation - HELD THAT:- This Tribunal is of the considered opinion that fashion in jewellery is changing day by day and it is the practice of every lady to change the pattern of jewellery in accordance with the latest trend. Therefore, what is to be seen is whether the quantum of jewellery declared matches with the jewellery found during the course of search operation. When the assessee’s mother-in-law declared 3650 gms of gold jewellery under VDIS, the Assessing Officer is expected to give credit to the jewellery to the extent of 3650 gms. In other words, the jewellery declared by the assessee’s mother-in law is very much available at the residence of the assessee. Therefore, this Tribunal is of the considered opinion that the CIT(A) has rightly directed the Assessing Officer to give credit to the jewellery declared under the VDIS by the assessee’s mother-inlaw Late Smt. Prema. Therefore, this Tribunal do not find any reason to interfere with the order of the CIT(A) and accordingly the same is confirmed. - Decided against revenue
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