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2022 (7) TMI 1526 - AT - Income TaxAddition of excess gold jewellery u/s 69A - Search and Seizure operation U/s. 132 - value of gold jewellery weighing 284.600 grams which is found in excess after considering the eligible exemption as per the CBDT Instruction No. 1916 dated 11/05/1994 - HELD THAT - Gold jewellery belonging to family members was seized to the extent of 1628.025 grams and there is no dispute on the fact that as per the CBDT Instruction No. 1916 dated 11/5/1994 that in a case of a person who is not assessed to wealth tax gold jewellery and ornaments to the extent of 500 grams per a married lady 250 grams per an unmarried lady and 100 grams per male member of the family should not be seized. AO has erred in disallowing the excess gold of 284.600 grams belonging to the mother of the assessee who is staying with the assessee being the only daughter and considered as belonging to the family members of the assessee. In these peculiar circumstances we find merit in the argument of the Ld. AR and we are of the considered view that the order of the Ld. CIT(A) needs to be quashed and allow the appeal of the assessee.
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