TMI Blog2015 (12) TMI 100X X X X Extracts X X X X X X X X Extracts X X X X ..... of medical profession. Therefore, customary gifts might have been received by the assessee on various occasions in the last 35 to 40 years. Further, there is possibility of inheriting some silver items by the assessee from his parents/grand parents and also by his wife from her parents and in-laws. Further, from the rate of silver from A.Y.1981-82 to 2009-10 filed by the Ld. Counsel for the assessee, we find the rate of silver has gone up from ₹ 2,715/- per kg during A.Y. 1981-82 to ₹ 22,230/- per kg during A.Y. 2009-10. Thus there is wide variation in the rate of silver in the last 30 years. Considering the totality of the facts of the case, silver jewellery weighing 12 kgs in our opinion can be considered as reasonably explain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y him over a period of time as gift from his relatives and some have been purchased by him over a period of his life time. 3. However, the AO was not satisfied with the explanation given by the assessee. According to the AO, the assessee could not establish and substantiate the sources for the acquisition of the jewellery in form of silver articles. He noted that the silver articles weighing 21021 grams valued at ₹ 4,20,420/- was found at the residential premises of the assessee and the amount expended in acquiring these silver articles was not recorded in the books of account maintained by the assessee from any source of income. The assessee, according to the AO, could not explain satisfactorily about the sources for acquiring the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the assessee especially when he is not a wealth tax assessee. However, he observed that in the society silver articles are usually received as gifts on different occasions such as marriage, birth of child, festivals etc., and further the same is also inherited from parents/grand parents for which there may not be any direct evidence. However, he held that the assessee being from a well to do family and a practicing medical professional and taking into account the surrounding circumstances and reality of situation credit of 5 kgs silver valued at ₹ 1 lakh is reasonable. Thus, he sustained the remaining amount of ₹ 3,20,320/- out of ₹ 4 lakhs added by the AO. 6. Aggrieved with such order of the CIT(A) the assessee is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d during the course of search, therefore, no further relief is warranted in the instant case. He accordingly submitted that the order of the CIT(A) be upheld and the grounds raised by the assessee be dismissed. 9. We have considered the rival arguments made by both the sides, perused the orders of the AO and CIT(A) and the paper book filed on behalf of the assessee. We have also considered the various decisions cited before us. We find during the course of search silver articles weighing 21,021 grams valued at ₹ 4,20,420/- was found from the residence of the assessee. In absence of any satisfactory explanation given by the assessee regarding the source of such acquisition the AO made addition of ₹ 4,20,420/- to the total inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs. Further, there is possibility of inheriting some silver items by the assessee from his parents/grand parents and also by his wife from her parents and in-laws. Further, from the rate of silver from A.Y.1981-82 to 2009-10 filed by the Ld. Counsel for the assessee, we find the rate of silver has gone up from ₹ 2,715/- per kg during A.Y. 1981-82 to ₹ 22,230/- per kg during A.Y. 2009-10. Thus there is wide variation in the rate of silver in the last 30 years. Considering the totality of the facts of the case, silver jewellery weighing 12 kgs in our opinion can be considered as reasonably explained. We therefore hold that assessee has duly explained the source of acquisition of silver articles to the tune of 12 kgs out of 21,021 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
