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ITAT dismissed assessee's appeal regarding jewellery seized during search operations. Revenue authorities added value of 690gms unexplained jewellery to assessee's income. CIT(A) granted partial relief allowing 1700gms under CBDT Circular 1916/1994 which permits retention of jewellery up to specified limits: 500gms for married women, 250gms for unmarried women, and 100gms for men, considering customary practices of gifting jewellery as Sthridhan. However, CIT(A) sustained addition for remaining 110gms as assessee failed to establish source despite opportunities. ITAT upheld CIT(A)'s order finding no error in applying circular provisions while maintaining addition for genuinely unexplained jewellery portion where assessee provided no supporting evidence.
ITAT dismissed assessee's appeal regarding jewellery seized during search operations. Revenue authorities added value of 690gms unexplained jewellery to assessee's income. CIT(A) granted partial relief allowing 1700gms under CBDT Circular 1916/1994 which permits retention of jewellery up to specified limits: 500gms for married women, 250gms for unmarried women, and 100gms for men, considering customary practices of gifting jewellery as Sthridhan. However, CIT(A) sustained addition for remaining 110gms as assessee failed to establish source despite opportunities. ITAT upheld CIT(A)'s order finding no error in applying circular provisions while maintaining addition for genuinely unexplained jewellery portion where assessee provided no supporting evidence.
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