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TMI Blog2017 (4) TMI 473X X X X Extracts X X X X X X X X Extracts X X X X ..... 340/- 1. The learned CIT(A) erred in confirming the addition of Rs. 7,63,340/- being foreign currency found at time of search action, without appreciating the fact that the said amount was duly accounted in the books of M/s.Fourways Travel Pvt. Ltd. and further these amounts were returned to the company by the assessee, therefore the addition ought to be deleted. II. Deemed dividend Rs. 90,00,000/- 2. The learned CIT(A) erred in sustain the addition of Rs. 90 lacs u/s.2(22)(e) of the Act, as deemed dividend without appreciating the correct facts, therefore the addition ought to be deleted. III. Addition of Jewellery of Rs. 15,44,780/- 3. The learned CIT(A) erred in confirming the addition of jewelleries at Rs. 15,44,780/- without ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fficer is silent on this issue. 4. The learned counsel for the assessee submits that in the course of remand proceedings all the information was furnished, details were given to the Assessing Officer and it was explained that the currency seized does not belong to the assessee and merely because the currency is seized from the assessees premises it is not a ground for making addition in assessees hands. The learned counsel further submits that the foreign currency was received by the assessee from Fourways Travels Pvt. Ltd. and is duly accounted for and it belongs to the company. The foreign currency was returned to the company on 31.03.2011, therefore, the addition is not justified. The DR supported the orders of the authorities below. 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er, such addition should be restricted only to the accumulated profits of the company as specified in the provisions of section 2(22)(e) of the Act. Therefore, for the limited purpose on verification and quantification of deemed dividend we restore this issue to the file of the Assessing Officer who shall quantify the disallowance u/s.2(22)(e) of the Act restricting to the accumulated profits of the company. 7. The last issue in the assessee's appeal is in respect of confirmation of addition towards jewelleries of Rs. 15,44,780/-. Briefly stated the facts are that during the course of search, gold, diamond and silver valuables worth Rs. 49,35,502/- were found in the wardrobe of the assessee's residence. In the course of search proceedings ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... valuable worth Rs. 54,96,155/- as against Rs. 49,35,502/-. The CIT(Appeals) considering the submission of the assessee and applying CBDT Instruction No.1916 dated 11.05.1994 and looking into the social status of the family, agreed with the assessee's submission and partly allowed the ground of appeal by following various decisions of the Hon'ble High Courts and also the Mumbai Bench of Tribunal in ITA No.5706/Mum/2009 in the case of Shri Hiten Mehta Vs. ACIT. The CIT(A) restricted the addition to Rs. 15,44,780/- accepting the alternate contention that if at all it is to be treated as unexplained income it is only Rs. 15,44,780/- as per the working submitted in the course of appellate proceedings before the CIT(A). The assessee could not su ..... X X X X Extracts X X X X X X X X Extracts X X X X
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