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2014 (12) TMI 52 - ITAT HYDERABADAddition of unaccounted jewellery – excess value of jewellery treated as unexplained investment - Held that:- Following the decision in ACIT, CC-4, Hyderabad Versus Sri Krishna Kumar And Other [2014 (12) TMI 67 - ITAT HYDERABAD] it has been held that the AO on the basis of the jewellery declared in the wealth-tax return filed by the assessee - before the CIT (A) it was contended by the assessee that the AO has not taken into consideration the jewellery declared by Sri Krishna Kumar HUF in the wealth-tax return declared in the wealth tax return which was included in the valuation made by the valuer - it is seen from the assessment order that so far as value of jewellery stated to have been declared in the wealth-tax return of Sri Krishna Kumar HUF does not appear in the assessment order wherein the AO has considered the jewellery declared in the case of the assessee and other family members - It is not known whether this fact was brought to the notice of the AO by the assessee - CIT (A) before accepting the contention of the assessee should have given an opportunity to the AO to put forth his opinion on the issue - This is because of the fact, as it appears from the assessment order, the assessee has not submitted the basis for valuation of gold jewellery, stones, diamonds etc. – thus, the matter is to be remitted back to the AO for fresh adjudication in accordance with law after affording a reasonable opportunity of being heard to the assessee – Decided in favour of assessee.
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