TMI Blog2013 (10) TMI 556X X X X Extracts X X X X X X X X Extracts X X X X ..... allow further deduction of 100 gms in respect of minor male children and 250 gms in case of minor female children of assessee, which the ld. CIT(A) has failed to give. Thus the assessee desires further credits of 350 gms jewellery as belonging to her minor children - Decided in favour of assessee. - ITA No. 27/Jodh/2013 - - - Dated:- 13-6-2013 - Shri Hari Om Maratha And Shri R. C. Sharma,JJ. For the Appellant : Shri Rajender Jain Shri Gautam Vaidh For the Respondent : Shri A. H. Gohel ORDER Per R. C. Sharma , A. M. This is an appeal filed by the assessee against the order of the ld. CIT(A) (Central), Jaipur dated 07-12-2012 for the assessment year 2008-09 in the matter of order passed u/s 144 r.w.s. 153C of the Income Tax Act, 1961. 2.1 Following grounds have been taken by the assessee. 1. That on the facts and in the circumstances of the case the ld. CIT(A) erred in sustaining an addition of Rs. 3,47,440/- in respect of gold jewelllery weighing 316.718 gms 2. That on the facts and in the circumstances of the case, the ld. CIT(A) erred in not considering the explanation of the assessee with regard to source of acquisition of such jewellery while sustai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gm [ PB pg 123 to 129]. II That during the course of assessment proceeding the assessee explained the source of gold jewellery as under:- Particular Weight At the time of marriage on 30-04-1997 from father side [PB pg 131, 138] 349.920 gm (30 Tola) At the time of marriage on 30-04-1997 from father in law side [PB pg 161] 41 9.904 gm (36 Tola) Purchases from market from 16-04-2004 to 01-05-2007 shown in balance sheet [PB pg. 162 to 164] 227.010 gm Belong to Husband and two minor children 146. 894 gm To be considered as explained 1143 728 gm Surrendered in the return of income 65 2. 222 gm Grand Total 1 795.950 gm II That the learned A.O. was in hurry in passing the assessment order which is evident from the fact that revised return notice of income was filed on 04-12-2009 and the assessment was completed on 18-12-2009 particularly when further assessment for six year were also going on simultaneously and as such the A.O. had no time to consider the regular balance sheet of the assessee [PB pg 162 to 164], details of ornaments recor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of following sources:- i) Jewllery received from father's side - 349.920 grams ii) Jewellery received from father-in-law side - 419.904 grams iii) Purchase from Market from 16.4.04 to 1.5.07 - 227.010 grams iv) Jewellery belonging to husband and two minor children- 146.894 grams v) Surrender in the return of income - 652 222 grams vi) Grand total - 1795.95 grams In this connection it may be stated that as the appellant is not assessed to wealth tax and such jewellery is accordingly not found recorded or verifiable from the wealth tax return therefore the claim of the appellant is to be considered keeping in view the Board's instruction no. 1916 dated 11.5.94. As per this instruction credit can be given to the extent of 500 grams per married lady, 250 grams per Unmarried lady and 100 grams per male married member. Further the issue as to whether when the jewellery held by the assessee and his family members as per the limit laid down under the CBDT circular will be treated as unexplained jewellery or not came before the Hon'ble Gujarat High Court in the case of CIT vs. Ratanla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of 600 grams jewellery can be given i.e. 500 grams for married lady and 100 grams for husband. Apart from such jewellery the appellant has purchased jewellery weighing 227.010 grams between the period 16.4.2004 to 1.5.2007. Such purchase of jewellery/ investment is also shown in the balance sheet of M/s Harshita Finance which is proprietorship concern of Smt. Sharmila Singhvi in A.Y. 2005-06 as well as in A.Y. 2007-08. The return for such A.Y. were also filed before the date of search and therefore the contention of the assessee in respect of acquisition of jewellery weighing 227.010 cannot be doubted. In this manner the total explained jewellery which can be considered as genuine acquisition of the appellant is arrived at 827.010 grams. The assessee has already surrendered 652.222 grams of jewellery in the return of income and therefore explained jewellery is arrived at 827.010+652.222= 1479.232 grams. The unexplained jewellery is accordingly determined at 316.718 grams (1795.95-1479.232). At the prevailing purchase rate of Rs. 1097 per gram, the unexplained investment is arrived at Rs. 347440/-. The addition to the extent of Rs. 347440/- is accordingly confirmed. The appellant ge ..... X X X X Extracts X X X X X X X X Extracts X X X X
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