9911796707
TMI Blog2022 (1) TMI 275X X X X Extracts X X X X X X X X Extracts X X X X ..... individual and was deriving income during the assessment year 2013-14, from salary, agriculture and from other sources. On 9/5/2012 there was a search and seizure operation at the residential as well as business/office premises of M/s SRS group, in the case of assessee during which jewellery worth Rs. 66, 31, 229/-was found from the residential premises of the assessee, out of which jewellery worth Rs. 10, 14, 418/-belong or to the accused and in respect of which no documentary evidence was produced by the assessee. Report of valuation of jewellery, as could be found at page No. 11 of the paper book, shows the weight of gold attributable to the possession of the assessee was about 295.1 g and there is also a diamond of 16.5 carats in that j ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lity of 50,000 through any cash withdrawals from the bank or cashbook or through any other document evidence. Assessee is therefore before us in this appeal. 5. Basing on the CBDT instruction No 1916 dated 11/5/1994 and while referring to the answer to question No. 10 in the statement of the assessee recorded at the time of search and seizure, Ld. AR submitted that out of the total gold of 590 g, learned Assessing Officer only attributed 295.1 g with a diamond therein to the possession of the assessee, while giving credit of 500 g to the assessee's wife and hundred grams to the assessee, the assessee's possession could be presumed to have been explained up to 600 g and therefore in terms of CBDT instruction No. 1916 no addition could be su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e same takes into account the quantity of jewellery which would generally be held by family members of an assessee belonging to an ordinary Hindu household. The approach adopted by the Tribunal in following the said circular and giving benefit to the assessee, even for explaining the source in respect of the jewellery being held by the family is in consonance with the general practice in Hindu families whereby jewellery is gifted by the relatives and friends at the time of social functions, viz., marriages, birthdays, marriage anniversary and other festivals. These gifts are customary and customs prevailing in a society cannot be ignored. Thus although the circular had been issued for the purpose of non-seizure of jewellery during the cours ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iew of this position of law laid down by the Hon'ble Gujarat High Court in the case of Ratan Lal (supra) and also the view taken by the Tribunal in the case of Smt. Satya Bhalla (supra) we are of the considered opinion that pursuant to the CBDT instructions, the wife of the assessee is entitled to keep 500 g of jewellery the source of which is a demoted have been explained and, therefore, no addition could be made are sustained. We accordingly allow ground No. 1 and 2 of assessee's appeal. 10. Now coming to ground No. 3 in respect of the cash to the tune of Rs. 50,000/-, found during the search operations, learned Assessing Officer observed that no proper explanation supported by documents wasgiven by the assessee regarding this amount. Ld ..... X X X X Extracts X X X X X X X X Extracts X X X X
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