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2022 (9) TMI 233 - AT - Income TaxAddition of cash found during the course of search - unexplained money u/s 69A - As per assessee the said cash was part of the families regular cash savings and balance kept in the locker - HELD THAT:- It is to be noted that the amount found during the search action was a small amount which the assessee has claimed that the same has been saved out of past savings during long time by him and his wife. Though the aforesaid amount has not been reflected as cash in hand in the balance sheet of the assessee, however, considering the smallness of the amount and that too was found from the locker of the assessee which was placed along with jewellery of the family and that the amount was out of past savings of the assessee family and hence, we are of the view that the addition of the aforesaid amount was not warranted in this case. The same is accordingly ordered to be deleted. Addition of the value of jewellery seized during the course of search as unexplained u/s 69A - said jewellery belonged to the assessee and his family members on record of the department covered by the VDIS 1997 - HELD THAT:- In this case, as submitted by the counsel of the assessee, if the entire jewellery found in the locker is considered, still the same is less by 700 gms which a normal middle-class family was supposed to possess out of the past savings, gifts etc. Therefore, in the light of the above observation of the Hon’ble Gujarat High Court in RATANLAL VYAPARILAL JAIN [2010 (7) TMI 769 - GUJARAT HIGH COURT] the aforesaid jewellery found from the locker of the assessee being less than the minimum quantity as instructed by the CBDT which a normal family under normal circumstances is supposed to possess, we do not find any justification on the part of the lower authorities to treat the same as unexplained. Also the above found jewellery is even otherwise less than the value of the jewellery already declared by the assessee in the valuation report from 1997 to 2006. In view of the above, the addition made by the lower authorities is ordered to be deleted. Assessee appeal allowed.
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