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2021 (4) TMI 1339 - AT - Income TaxAddition on account of jewellery found during the course of search & seizure operation carried out u/s 132 - HELD THAT:- In substance all the Hon’ble High Courts have held that jewellery specified under CBDT Circular No. 1916 dated 11.05.1992 is a reasonable quantity which could be not added in the hands of the assessee even though circular is for the purpose of none seizure of jewellery during the course of search. Hon’ble High Courts were also of the view that the instruction takes into account on quantity of jewellery which would generally be held by family members of assessee belonging to an ordinary Hindu house hold. The claim of the assessee is therefore supported by various high courts. We direct the AO to restrict the addition only in excess of jewellery found of instruction No. 1916 dated 11.05.1992 with respect to the family members of the assessee. The assessee is directed to furnish relevant details of family members of the assessee staying with him , which may be verified by the AO, after verification AO may grant reduction in addition to the extent of jewellery of family members as per above instruction of CBDT, and the excess addition thereafter may be deleted. In the result ground no 2 of the appeal of assessee is allowed.
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