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2024 (4) TMI 192 - AT - Income TaxUnexplained money u/s 69A - cash and jewellery seized by the department in search u/s 132 in the premises of partnership firm of the assessee as well as on assessee - basis of seizure was the statement of the accountant - HELD THAT:- Only submission that could be adduced by Ld. AR was that the income should be spread over the period during which it was earned. However, in the absence of any acceptable working shown to us, these submissions could not be accepted. The assessee has failed to even substantiate the fact that the income was earned over several years. Therefore, the orders of lower authorities, to that extent, find our concurrence. The cross-objection filed by the assessee stand dismissed. Addition of Jewellery - Arguments of Ld. Sr. DR that the CBDT instructions would apply only for seizure of the jewellery and not for source of the same could not be accepted. It has consistently been expressed by various High Courts that the quantities of jewellery as specified in the said circular could be considered as reasonable quantities considering the customs prevailing in Hindu Society. The source to that extent could not be questioned. It is also pertinent to note that the assessee, in sworn statement u/s 132(4), has attributed the jewellery as belonging to his wife, his brother's daughter, his wife's sister and his mother-in-law. It was also stated that his wife had brought 800 grams of jewellery as Streedhan during wedding. The same has not been questioned by Ld. AO and as such this fact remains uncontroverted. This fact alone would support the adjudication of Ld. CIT(A) that the impugned addition could not be sustained. Therefore, we concur with the same and dismiss the appeal of the revenue.
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