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2017 (3) TMI 1516 - AT - Income TaxAddition on unexplained investment in Jewellery and Silver - Search & seizure action - Held that:- It is clear that Smt Neeta Bai [the assessee’s wife] had declared 900 grams of gold and 10 Kgs of silver only in her WT returns filed for a ys 1991-92 & 1992- 93. Hence , the assessee’s plea that the particulars contained in the earlier year return should be considered in favour of the assessee can not be accepted. With regard to the benefit claimed on the basis of Circular No. 1916 dated 11. 05.94 providing for non-seizure of certain minimum amount of gold jewellery, etc. as per the circular what could be given credit for a male member is only 100 gms. No credit could be given for HUF, for the simple reason that an HUF cannot wear any jewellery by itself. Vis-a-vis silver, circular does not mention anything about holding of silver or diamonds. Therefore, we are of the opinion that the maximum relief that could be given to the assessee is only on the value of gold jewellery The maximum relief that could be given to the assessee in addition to what was given by the AO was 650 grams of gold only and accordingly , we direct the AO to give such relief alone.
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