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2016 (7) TMI 1529

..... was not filed either by the assessee or her husband or by her mother-in-law - AO rejected this claim of the assessee on the ground that the item of jewellery mentioned in the VDIS does not match with the inventory of the jewellery seized during the course of search operation - HELD THAT:- This Tribunal is of the considered opinion that fashion in jewellery is changing day by day and it is the practice of every lady to change the pattern of jewellery in accordance with the latest trend. Therefore, what is to be seen is whether the quantum of jewellery declared matches with the jewellery found during the course of search operation. When the assessee’s mother-in-law declared 3650 gms of gold jewellery under VDIS, the Assessing Officer is .....

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..... 55,092/- and ₹ 37,08,499/- belongs to the assessee. During the course of search operation a statement was recorded from Shri Saravana Arul Selvarathinam, husband of the assessee. According to the ld. DR, no wealth tax return was filed by the assessee and her husband. The only explanation of the assessee was that her husband Shri Saravana Arul Selvarathinam inherited jewellery from his mother Late Smt. Prema. The ld. DR further submitted that the assessee s mother-in-law Late Smt. Prema disclosed the jewellery in the Voluntary Disclosure of Income Scheme, 1997 (VDIS). However, the jewellery disclosed in the VDIS and the jewellery actually found during the course of search operatioo are totally different. According to the ld. DR, the it .....

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..... mother-inlaw under VDIS. The ld. DR further submitted that the value of the jewellery said to be declared by the assessee s mother-in-law is an afterthought. The ld. DR further submitted that the assessee herself claimed before the Assessing Officer that the jewellery belongs to her mother-in-law to the extent of 2083.80gms was melted and utilized for business of gold jewellery. Therefore, the CIT(A) ought not to have directed the Assessing Officer to give credit to the jewellery declared under the VDIS by the assessee s mother-in-law. 4. On the contrary, Shri K.M.Mohandass, ld. Representative for the assessee submitted that admittedly, there was a search operation in the premises of the assessee and the Revenue authorities found gold jewel .....

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..... the pattern of jewellery in accordance with the latest trend. Therefore, what is to be seen is whether the quantum of jewellery declared matches with the jewellery found during the course of search operation. Therefore, this Tribunal is of the considered opinion that when the assessee s mother-in-law Late Smt. Prema declared 3650 gms of gold jewellery under VDIS, the Assessing Officer is expected to give credit to the jewellery to the extent of 3650 gms. In other words, the jewellery declared by the assessee s mother-in law Late Smt. Prema is very much available at the residence of the assessee. Therefore, this Tribunal is of the considered opinion that the CIT(A) has rightly directed the Assessing Officer to give credit to the jewellery de .....

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