TMI Blog2018 (3) TMI 1177X X X X Extracts X X X X X X X X Extracts X X X X ..... s 500 gms. and in case of unmarried lady 250 gms. and in case of male member 100 gms. jewellery need not be seized. The Income-tax department has accordingly released the said jewellery. The assessee, in fact can possessed upto 1450 gms. of jewellery as per the circular and looking to the social and financial status of the family, CBDT Circular the jewellery possessed by the assessee is quite reasonable and no addition on this account can be made and additions - Decided in favour of assessee. - ITA No. 4101/DEL/2017 - - - Dated:- 9-3-2018 - Shri B. P. Jain, Accountant Member Assessee by : Shri Amit Goel, CA Revenue by : Shri V. K. Jiwani, Sr. DR ORDER This appeal of the assessee arises from the order of ld. CIT(A)-25, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r Valuation Report dated 04.10.13. Thus, as a result of the Search total jewellery valued at ₹ 25,16,327/- was found from the possession of the assessee. It was found by the Assessing Officer that the assessee could not explain the source of acquisition of the jewellery, other than jewellery of ₹ 1,07,000/-, that had been purchased by the assessee out of withdrawals from bank account. Hence, the jewellery of ₹ 1,07,000/- was treated as having been acquired by the assessee during the assessment year under consideration from undisclosed sources. Addition of ₹ 24,09,327/- was made to the Income of the Assessee u/s69A of the I.T. Act, 1961. 4. The ld. CIT(A) confirmed the addition to the extent of ₹ 13,47,827/-. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se of Haroon Mohd. Unni Mumbai vs Department of Income Tax The quantum and the worth of the gifts also depend upon the social as well as financial status not only of the donor but of the done also. Moreover, it is also submitted that Section 56 of the Income Tax Act,1961 states that:- This clause shall not apply to any sum of money received (a) From any relative; or (b) On the occasion of the marriage of the individual As per instruction no.1961 (F.No.286/63/93-IT (INV. Ii), dated 11-5-1994, issued by the Central Board of Direct Taxes ( CBDT ) directs the income tax authorities, conducting a search, to not seize jewellery and ornaments found during the course of search of varying quantities specified in the ins ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Amount of jewellery permitted as per Board s Circular (in grams) Mr. Rakesh Kumar Bajaj 42 100 Mrs. Ritu Bajaj 40 500 Baby Khushi Bajaj 11 250 Master Tuviksh Bajaj 9 100 Smt. Satwanti Devi 70 500 TOTAL 1450 The jewellery found in possession of the Assessee and his family is within the normal limits of the jewellery which as per the Board s Circular not to be seized ..... X X X X Extracts X X X X X X X X Extracts X X X X
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