https://www.taxtmi.com/caselaws?id=217844 CBDT Circular No. 1916 was treated as a practical guide for accepting family jewellery found during search as explained up to the reasonable quantity indicated in the circular, even without purchase evidence. Jewellery attributable to the assessee and family members was allowed only to that extent, and the excess remained liable to be treated as unexplained investment. On that basis, the balance jewellery in the lockers was apportioned as unexplained after giving credit for the circular-based allowance and amounts already surrendered, resulting in only partial relief and corresponding sustenance of additions for the remaining unexplained jewellery. en-us Fri, 12 Oct 2012 00:00:00 +0530 Tue, 23 Oct 2012 11:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217844 CBDT Circular No. 1916 was treated as a practical guide for accepting family jewellery found during search as explained up to the reasonable quantity indicated in the circular, even without purchase evidence. Jewellery attributable to the assessee and family members was allowed only to that extent, and the excess remained liable to be treated as unexplained investment. On that basis, the balance jewellery in the lockers was apportioned as unexplained after giving credit for the circular-based allowance and amounts already surrendered, resulting in only partial relief and corresponding sustenance of additions for the remaining unexplained jewellery. Case-Laws Income Tax Fri, 12 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217844