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2022 (2) TMI 759 - AT - Income TaxUnexplained money u/s. 69A - search operation u/s. 132 - additional income surrendered - Search conducted in the locker which was co-owned by the assessee alongwith her husband - HELD THAT:- The facts of the case are not in dispute. In the case of Shri Niraj Kumar, it is very much apparent that the cash seized from the locker jointly owned by Shri Niraj Kumar and Shri Aditya Sharm has been taxed on substantive basis in the hands of the assessee's brother. As gone through the order of the CIT(A) in the case of Shri Aditya Sharma for assessment year 2014-15, wherein Ld. CIT(A) considered the discussion in the case of Sh. Moin Akhtar Qureshi and has, thereafter, reached the conclusion that the cash of ₹ 78,18,500/- is to be taxed in the hands of Shri Aditya Sharma on substantive basis instead of protective basis. Therefore, as per the settled law, the same amount cannot be taxed twice in the hands of two different assesses. Therefore, we have no option but to direct the Assessing officer to delete this addition. Similarly, in the case of Smt. Sujata Sharma CIT(A) has returned the finding that this amount of ₹ 1,15,00,000/- is to be taxed in the hand of Sh. Aditya Sharma on substantive basis instead of protective basis. Therefore, this addition has also been confirmed in the hands of Shri Aditya Sharma. Accordingly, there is no reason to bring the seized cash to tax for the second time in the hands of Smt. Sujata Sharma. Accordingly, we direct the Assessing officer to delete this addition also. Unexplained jewellery found in the locker of Shri Niraj Kumar - we have gone through the 'Panchnama' relating to the search of locker No. G-2123 which was co-owned by Shri Aditya Sharma and Shri Niraj Kumar and have also considered the impact of CBDT Circular No. 1916 dated 11.5.1994. We fully agree with the contention of the Ld. AR that since the jewellery found in the locker was only 339.20 gms and which is being claimed to be belonging to assessee's bhabi and mother, (both married ladies), the benefit of CBDT Circular No. 1916 dated 11.05.1994 should have been given to the assessee. Accordingly, we direct the Assessing officer to delete this addition also. Appeal of assessee allowed.
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