https://www.taxtmi.com/article/detailed?id=9620 CBDT Instruction No. 1916 directs that specified quantities of jewellery and ornaments need not be seized during searches and permits exclusion of larger quantities based on family status and community customs; detailed inventories must be prepared for assessment. Several courts have treated possession within those quantities as reasonable and explained, but other authorities limit the Instruction's effect to seizure decisions and require the assessee to independently explain acquisition for assessment. en-us Mon, 11 Jan 2021 15:16:06 +0530 Mon, 11 Jan 2021 15:16:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=9620 CBDT Instruction No. 1916 directs that specified quantities of jewellery and ornaments need not be seized during searches and permits exclusion of larger quantities based on family status and community customs; detailed inventories must be prepared for assessment. Several courts have treated possession within those quantities as reasonable and explained, but other authorities limit the Instruction's effect to seizure decisions and require the assessee to independently explain acquisition for assessment. Articles Income Tax Mon, 11 Jan 2021 15:16:06 +0530 https://www.taxtmi.com/article/detailed?id=9620