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2018 (10) TMI 1289 - AT - Income TaxUnaccounted investment in silver articles weighing 1812 grams - benefit of the CBDT Circular No. 1916 dated 11.5.1994 - Jewelry revived under India tradition - Held that:- One cannot ignore the fact that in the Indian families there is a culture of giving silver ornaments and utensils on auspicious and marriage occasions. Restricting the limit of 500 gm/250 gm/100 gm only to the “gold jewellery ornaments” will not serve the true purpose of the CBDT instructions and it has to be applied hamnoninerly in the light of the Indian culture and traditions. The impugned silver jewellery weighing 1812 gms valuing at ₹ 75,278/-should not have been added to the income of the assessee and the benefit of the CBDT Circular No. 1916 dated 11.5.1994 should also be spread so as to cover the silver articles weighing 1812 gms. We therefore set aside the orders of both the lower authorities and delete the addition of ₹ 75,278/- for the alleged unaccounted investment in silver articles and allow the grounds raised by the assessee. - decided in favour of assessee.
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