TMI Blog2021 (4) TMI 1339X X X X Extracts X X X X X X X X Extracts X X X X ..... ld. The claim of the assessee is therefore supported by various high courts. We direct the AO to restrict the addition only in excess of jewellery found of instruction No. 1916 dated 11.05.1992 with respect to the family members of the assessee. The assessee is directed to furnish relevant details of family members of the assessee staying with him , which may be verified by the AO, after verification AO may grant reduction in addition to the extent of jewellery of family members as per above instruction of CBDT, and the excess addition thereafter may be deleted. In the result ground no 2 of the appeal of assessee is allowed. - ITA No. 849/Del/2018 - - - Dated:- 6-4-2021 - Shri Prashant Maharishi, Accountant Member And Shri K.N. Chary ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ual deriving income from salary, house property and other sources. The assessee filed his return of income on 10.09.2015 declaring total income of Rs. 4,84,02,690/-. A search and seizure operation u/s 132 of the Income Tax Act, 1961 was conducted on 09.10.2013 on the premises of the assessee of Shubhamna Buildtech Pvt. Ltd Group of cases. In view of the notice u/s 142(1) was issued on 18.08.2015. During the course of search jewellery amounting to Rs. 11,30,814/- was found from his residence and some jwellery from his bank locker. The assessee explained that the above jewellery was acquired by the assessee at the time of his marriage and part was purchased after his marriage which is now more than 20 years. He submitted that the assessee is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the course of search in locker No. 453 of HDFC Bank, New Delhi jewellery amounting to Rs. 2368185/- was found over and above jewellery worth of Rs. 11,30,814/- at the residence of the assessee. After granting the credit of 100 gms of jewellery to the individual assessee amounting to Rs. 258530/- the balance amount of addition of Rs. 3240469/- was made in the hands of the assessee on account of unaccounted jewellery. The ld AO denied the benefit of instruction No. 1916 with respect to the other family members for the reason that during the course of search the assessee stated that jewellery belongs to him. The assessee has also stated that he is filing high return of income and there is also high withdrawal therefore, the assessee s withdr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of family members of the assessee staying with him , which may be verified by the ld AO, after verification ld AO may grant reduction in addition to the extent of jwellery of family members as per above instruction of CBDT, and the excess addition thereafter may be deleted. In the result ground no 2 of the appeal of assessee is allowed. 8. Ground no 1 and Ground no 3 does not have any merit as there is no evidence before the lower authorities about acquisition of excess jwellery, merely high return cannot be any basis for explaining acquisition of such assets unless, there is some specific source of acquisition of such assets are shown. Thus those grounds are dismissed. 9. In the result appeal of the assessee is partly allowed with a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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