Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (1) TMI 275 - AT - Income TaxUnexplained jewellery - Diamond studded in the jewellery were out of the undisclosed income of the assessee - HELD THAT:- As AO himself mentioned that the gold worth ₹ 10,14,418/-is attributable to Smt. Kanta Bansal, wife of the assessee. According to the CBDT instructions in case of a married woman 500 g is the threshold limit and Hon’ble Gujarat High Court said that to such an extent of jewellery, the source shall be presumed to have been explained. In view of this position of law laid down in the case of Ratan Lal [2010 (7) TMI 769 - GUJARAT HIGH COURT] and also the view taken by the Tribunal in the case of Smt. Satya Bhalla [2016 (5) TMI 1571 - ITAT DELHI] we are of the considered opinion that pursuant to the CBDT instructions, the wife of the assessee is entitled to keep 500 g of jewellery the source of which is a demoted have been explained and, therefore, no addition could be made are sustained. We accordingly allow ground No. 1 and 2 of assessee’s appeal. Cash found during the search operations - As per AO that no proper explanation supported by documents was given by the assessee regarding this amount - CIT(A) observed that even during the appellate proceedings, though it was submitted on behalf of the assessee that the amount of ₹ 50,000/- was available due to the withdrawal from the bank from different members of the family, no evidence to show the withdrawals from the bank or the cashbook or through any other documentary evidence was produced and thereby confirmed the addition. Before us also no new facts are forthcoming nor any bank withdrawals are proved by any evidence. We therefore, do not consider it necessary to interfere with the findings of the Ld. CIT(A) on this issue and accordingly uphold the same.
|