https://www.taxtmi.com/caselaws?id=299168 The ITAT dismissed the Revenue's appeal against the deletion of additions of unaccounted investment in jewellery for A.Y. 2007-08. The appeal was based on the finding of jewellery weighing 1,549 grams valued at Rs. 13,97,095 during a search u/s.132 of the IT Act. The CIT(A) allowed the appeal in favor of the assessee citing CBDT's Instruction No.1916, which permits a specific amount of jewellery for married ladies and male members on certain occasions. The ITAT upheld the CIT(A)'s decision, confirming the interpretation of the CBDT's instruction and various High Courts. en-us Fri, 19 Apr 2013 00:00:00 +0530 Mon, 06 Dec 2021 10:29:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299168 The ITAT dismissed the Revenue's appeal against the deletion of additions of unaccounted investment in jewellery for A.Y. 2007-08. The appeal was based on the finding of jewellery weighing 1,549 grams valued at Rs. 13,97,095 during a search u/s.132 of the IT Act. The CIT(A) allowed the appeal in favor of the assessee citing CBDT's Instruction No.1916, which permits a specific amount of jewellery for married ladies and male members on certain occasions. The ITAT upheld the CIT(A)'s decision, confirming the interpretation of the CBDT's instruction and various High Courts. Case-Laws Income Tax Fri, 19 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299168