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2016 (9) TMI 1567 - AT - Income TaxAddition towards Gold, silver jewellery found released at the time of search - Stridhan - HELD THAT:- As per Circular No. 1916 dated 11.05.1994 issued by the Central Board of Direct Taxes, possession of 500gms of jewellery by each married lady is permissible. Circular requires non-seizure of jewellery to the extent of 500gms for married lady, 250gms for unmarried lady and 100grms for male to be extended to assessment proceedings and the same to be treated as explained income. Since there are three lady members in the family, as per the above CBDT Circular, possession of seized jewellery cannot be questioned. We, therefore, delete the addition sustained by the learned CIT(A). Appeal of the assessee stands partly allowed.
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