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2017 (11) TMI 2001 - AT - Income TaxUndisclosed investment in jewellery - submission of the ld. counsel for the assessee that he and his wife have received the above jewellery at the time of marriage - Scope of CBDT Circular No.19 of 2016 - HELD THAT:- Since in the instant case, admittedly the jewellery found in the Locker was only 313.600 grams which is much less than 500 grams as per CBDT Circular No.19 of 2016, therefore CIT(A) should not have insisted for Wealth Tax Return or bills and vouchers to explain the source of such investment in jewellery and should have deleted the addition made by the AO - Although the above circular is for non-seizure of gold jewellery etc. however, various Courts and the Co-ordinate Benches of the Tribunal are taking a liberal view on the basis of this circular and are allowing credit for such gold/jewellery as explained. In this view of the matter, we set aside the order of the CIT(A) and direct the Assessing Officer to delete the addition. The grounds raised by the assessee are accordingly allowed.
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