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2018 (6) TMI 68 - AT - Income TaxUnexplained jewellery - reason given by the CIT (A) for not accepting the assessee’s contention is that, the wealth tax return was filed 19 years earlier and it is difficult to believe that the same jewellery continued till the date of search - assessee filed reconciliation statement to show that most of the jewellery as was disclosed earlier in the wealth tax return still continued to be in possession and some of them were reconverted over the period of time - Held that:- Even if there was a reconversion then if the overall quantity of jewellery is available with the assessee, then presumption goes in favour of the assessee that same quantity which stood disclosed earlier is available with the assessee and hence nothing can be treated as unexplained. Similarly would be in case of jewellery bequeathed upon assessee after partition of bigger HUF, because bigger HUF had jewellery which was duly disclosed in the wealth tax return. Thus, availability of jewellery with HUF also stands proved. Accordingly, the addition partly sustained by the ld. CIT (A) stands deleted. Unexplained cash - Held that:- We find that though there is no proper explanation given by the assessee as per the availability of the cash, because the bank withdrawal and household expenditure and the contribution made by the wife is not subject to proper verification. In any case, some availability of cash with house wife with old savings and some with the assessee cannot be ruled out. We hold that out of 5,25,000/-, sum of ₹ 2,25,000/- may be treated as explained in view of cash withdrawals and availability of some cash with his wife who is elderly lady. Thus, assessee gets a part relief of ₹ 2,25,000/- and the balance is ₹ 3 lacs is confirmed. - Appeal of the assessee is partly allowed.
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