TMI Blog2014 (1) TMI 1836X X X X Extracts X X X X X X X X Extracts X X X X ..... a person not assessed to wealth-tax, gold jewellery and ornaments to the extent of 500 gms. per married lady, 250 gms. per unmarried lady and 100 gms. per male member of the family need not be seized. Clause (iii) of the said guidelines wherein it has been mentioned that the authorized officer may, having regard to the status of the family, and the custom and practices of the community to which the family belongs and other circumstances of the case, decide to exclude a larger quantity of jewellery and ornaments from seizure. In the case of "CIT vs. Ratanlal Vyaparilal Jain"(2010 (7) TMI 769 - Gujarat High Court) has held that though the said circular had been issued for the purpose of non seizure of the jewellery, but the basis for the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er of Commissioner of Income-tax (Appeal) on the above ground be set aside and that of the Assessing Officer be restored. The appellant craves leave to amend or alter any grounds or add a new ground which may be necessary. 2. The brief facts of the case are that during the search seizure operation, gold jewellery weighing 1472.80 gms valued at ₹ 20,71,670/- and diamond jewellery worth ₹ 5,67,410/- was found. The assessee explained that the said jewellery belonged to his family consisting of five family members i.e. the Assessee himself, his wife, mother and two daughters. The Assessing Officer, keeping in view the status of the family and also in view of the circular No.1914, allowed 250 gms. each to the married ladies of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of the jewellery. 5. We have considered the submissions of both the representatives of the parties. The assessee is a businessman having good financial status. It is also very common that as per the customs and practices prevalent in our country, the jewellery/gold etc. is gifted by the relatives and friends of a person at the time of certain occasions like marriages, birth of a child, birthdays, marriage anniversaries etc. 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 donee also. Further, as per CBDT circular No.1916 dated 11.5.1994 which contains guidelines to be followed in the matters of seizure of gold and jewellery during the course of search act ..... X X X X Extracts X X X X X X X X Extracts X X X X
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