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2014 (5) TMI 1002 - HC - Income TaxAddition of unexplained jewellery – Proper explanation made or not – Held that:- The jewellery which has been found in possession of the family members is in accordance with customs and practice prevalent in the community and in accordance with status of the family - the Tribunal was rightly of the view that the Central Board of Direct Taxes keeping in view the status of the family, customs and practice of the community, came down with the circular and one has to go with the weight and not with the value as the value may fluctuate over the years - the marriage of three sons were performed in the year 1996, 2000 and 2003 and all the marriages including the assessee and three sons were performed prior to 2003 - the statement of various family members were recorded and none has stated that these are not personal wearing jewellery and same were received by the respective ladies/daughter-in-law on/or at the time of their marriages either from the parental side or in-laws side and even subsequently at the time of birth of their children - Looking to the status of the family and the jewellery found in possesssion of four ladies, was held to be reasonable and the authorized officers, in the first instance, did not seize the jewellery as it was being within the tolerable limit or the limits prescribed by the Board - the Tribunal has correctly analyzed the Circular of the Board and there was no infirmity in the order of the Tribunal – Decided against Revenue.
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