Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (5) TMI 971 - AT - Income TaxSearch action u/s 132(1) - jewellery found from the bed room of the assessee’s son and locker of his daughter-in-law - Held that:- The search was conducted at the residential premises of the assessee in House No. 34, First Floor, Greater Kailash-I, New Delhi, wherein all the family members were living jointly, albeit in separate rooms. It is an admitted position that no separate assessments have been made for the other family members. It is further seen that the assessee at no stage admitted that the entire jewellery belonged to him alone. Au contraire, he specifically submitted that the jewellery belonged to all the family members. The factum of the assessee’s daughter-in-law, a working woman, having her own separate locker, amply goes to prove that she was keeping her jewellery separate from that of the larger family. Presently, we are dealing with the assessment of the assessee. It is, but, natural that the unexplained jewellery, if any, belonging to the assessee’s son and daughter-in-law, both of whom are separately assessed to tax, cannot be taxed in the hands of the assessee. In our considered opinion, the ld. CIT(A) was fully justified in excluding from consideration the value of jewellery found in the bed room and locker of the assessee’s daughter-in-law. Applicability or otherwise of Instruction No.1916 dated 11.5.1994 - no seizure of jewellery can be made upto 500 gms belonging to a married lady, 250 gms. belonging to unmarried girls and 100 gms belonging to males - CIT(A) deleted the addition to the extent of 1100 gms from the total jewellery belonging to the assessee by relying on this Instruction - Held that:- We are unable to countenance the contention of the ld. AR for treating the remaining 136.90 gms jewellery as also explained because the assessee has not led any evidence to demonstrate the source of investment in jewellery to this extent. Moreover, when we apply the mandate of Instruction No.1916 and treat jewellery to the tune of 1100 gms. as explained without there being any positive evidence, any jewellery over and above that can be treated as explained only if the assessee leads some positive evidence about the declared source of such excess investment in gold jewellery. We, therefore, affirm the view taken by the ld. CIT(A) in treating jewellery to the extent of 136.800 gms as explained. In the ultimate analysis, the impugned order is upheld.
|