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TMI Blog2014 (1) TMI 1836X X X X Extracts X X X X X X X X Extracts X X X X ..... ber: The present appeal has been filed by the Revenue against the order of the CIT(A) dated 20.10.2011 relevant to assessment year 2009-10. The Revenue has taken the following grounds of appeal: "Ground No.1: 1. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) is justified in holding that jewellery of Rs. 10,23,635/- is explained jewellery on the basis of CB ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 20,71,670/- and diamond jewellery worth Rs. 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 the family ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ggrieved from the order of the CIT(A), the Revenue has preferred the present appeal. 4. We have heard the ld. representatives of both the parties and also have gone through the records. The ld. representative of the assessee (AR) has submitted that the jewellery seized by the department in fact was the old jewellery of the family purchased from time to time and some of it also ITA No.463/M/2012 M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 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 action, it is apparent that in case of 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 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as marriages, birthdays, marriage anniversary and other festivals. In such circumstances, unless the Revenue shows anything to the contrary, it can be safely presumed that source to the extent of the jewellery stated in the circular stands explained. In view of above stated position of law, we do not find any infirmity in the well reasoned order of the CIT(A). 7. In the result, the appeal of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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