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2019 (8) TMI 1393 - AT - Income TaxAdditions towards Unexplained gold jewellery found during the course of search action - personal effect - HELD THAT:- The probability of any part of the gold jewellery having been received by the assessee or his family members as gifts was also ruled out by the A.O, who observed that except for a gift deed for 100 gms of gold gifts received by Smt. Swati Joshi Vora from her parents, no other confirmations of gifts received by the assessee or his family members was placed on record. As the assessee could not put forth an explanation as regards the gold jewellery (weight 938.03 gms) of a value of ₹ 22,70,314/-, therefore, the A.O after considering gold jewellery (weight 100 gms) of a value of ₹ 2,80,000/- as explained, made an addition of the balance gold jewellery (weight 838.03) of a value of ₹ 19,90,313/- as an unexplained investment in the hands of the assessee. CIT(A) after taking cognizance of the CBDT Instruction No. 1916, dated 11.05.1994, had observed that as observed by various courts, gold jewellery found to the extent of the limit mentioned in the aforesaid instruction was to be treated as explained and no addition could be made to that extent. On the basis of his aforesaid observations, the CIT(A) had after considering 600 gms of gold jewellery [500 gms for assesses wife (+) 100 gms for the assessee] as explained jewellery, therein restricted the addition as regards the balance jewellery (weight 338.03 gms) of a value of ₹ 8,18,134/-. CIT(A) by adopting a liberal approach had already granted substantial relief to the assessee. As is discernible from the orders of the lower authorities, the CIT(A) had after giving benefit of gold jewellery of 600 gms [500 gms for the assesses wife (+) 100 gms for assessee], had rightly observed that balance gold jewellery (weight 338.03 gms) of a value of ₹ 8,18,134/- was to be treated as an unexplained investment in the hands of the assessee. No infirmity arises from the aforesaid well reasoned order of the CIT(A), therefore, finding no merit in the appeal filed by the assessee, we dismiss the same. - Decided against assessee.
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