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2015 (11) TMI 1894 - AT - Income TaxUnexplained investment in Gold and diamond jewelleries - jewellery found during search belonging to the assessee was less than 500 gms - HELD THAT:- Considering Assessee status and the normal practice in Hindu families as such, and as per the CBDT Circular No.1916 dated 11.05.1994 such jewellery cannot be treated as unexplained jewellery and added to the income of the assessee. See Ratanlal Vyaparilal Jain [2010 (7) TMI 769 - GUJARAT HIGH COURT] deleted the whole addition on the ground that the jewellery held by each of the family members was below the limits specified in the said circular. Although the circular had been issued for the purpose of non-seizure of jewellery during the course of search, the basis for the same recognizes customs prevailing in Hindu society - unless the Revenue shows anything to the contrary, it can safely be presumed that the source to the extent of the jewellery stated in the circular stands explained. Thus, the approach adopted in considering the extent of jewellery specified under the said circular to be a reasonable quantity, cannot be faulted with. Decided in favour of assessee.
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