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2015 (12) TMI 823

Unaccounted gold jewellery found to the extent of 863.920 gms was treated as undisclosed investment - Held that:- This Tribunal is of the considered opinion that by taking into consideration of the status of the assessee and other family members, the gold jewellery owned by Smt. Sharmila, Shri Manivannan (HUF), Shri M. Ramalingam (HUF) cannot be totally ruled out. When the Assessing Officer accepted the jewellery to the extent of 1801.800 gms in the hands of three persons, he should have taken n .....

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of the assessee in HUF capacity. For the failure of the assessee-HUF to substantiate the purchase of 410 gms of jewellery in the month of February, 2006, this Tribunal is of the considered opinion that there cannot be any addition in the hands of the individual assessment of the assessee. - Decided in favour of assessee. - ITA No.2601/Mds/2014 - Dated:- 4-9-2015 - SHRI N.R.S. GANESAN, JUDICIAL MEMBER For The Appellant : Shri S. Sridhar, Advocate For The Respondent : Shri A.V. Sreekanth, JCIT OR .....

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ssee explained before the Assessing Officer that 888 gms of jewellery belongs to Smt. Rajalakshmi, wife of the assessee and Shri Manivannan in his individual capacity owns 150 gms of jewellery and in HUF capacity he owns 420 gms of jewellery. Similarly, Smt. Sharmila owns 640 gms of Jewellery, thus the total comes to 2864 gms of gold Jewellery. Therefore, the assessee claimed before the Assessing Officer that there was no excess jewellery. However, the Assessing Officer found that the assessee h .....

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rious family members to the extent of 2864 gms and the purchase of jewellery to the extent of 410 gms in the HUF status cannot be a reason to make addition in the hands of the present assessee. According to the Ld. counsel, the CIT(Appeals) is not justified in confirming the addition in the hands of the present assessee. 3. On the contrary, Shri A.V. Sreekanth, the Ld. Departmental Representative, submitted that during the course of search operation, Revenue authorities found 2665 gms of gold Je .....

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family members of the assessee to the extent of 1801.800 gms, found that the balance jewellery to the extent of 863.920 gms was not explained. Referring to the claim of the assessee that 410 gms of gold jewellery was purchased in HUF capacity, the Assessing Officer found that in the absence of any purchase bill, the same cannot be accepted. Accordingly, the unaccounted gold jewellery found to the extent of 863.920 gms was treated as undisclosed investment and an addition of ₹ 7,51,610/- w .....

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us of the assessee and other family members, the gold jewellery owned by Smt. Sharmila, Shri Manivannan (HUF), Shri M. Ramalingam (HUF) cannot be totally ruled out. When the Assessing Officer accepted the jewellery to the extent of 1801.800 gms in the hands of three persons, as disclosed in page 3 of the assessment order, he should have taken note of the status of the assessee as HUF, the status of Shri Manivannan (HUF) and the jewellery owned by Smt. Sharmila. Since they are family members, thi .....

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