https://www.taxtmi.com/caselaws?id=304357 The Tribunal ruled in favor of the assessee in an appeal related to the addition of unexplained jewellery under section 69A of the Income-tax Act. The Tribunal found that the seized jewellery fell within the permissible limits specified by CBDT Instruction No. 1916, dated 11-5-1994, and that the addition made by the Assessing Officer was unjustified. Emphasizing the binding nature of CBDT circulars on the Revenue, the Tribunal directed the deletion of the addition of Rs. 1,36,406, highlighting the importance of adhering to prescribed guidelines for seizure of jewellery during search operations. en-us Mon, 13 Sep 2021 00:00:00 +0530 Thu, 22 Sep 2022 07:38:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304357 The Tribunal ruled in favor of the assessee in an appeal related to the addition of unexplained jewellery under section 69A of the Income-tax Act. The Tribunal found that the seized jewellery fell within the permissible limits specified by CBDT Instruction No. 1916, dated 11-5-1994, and that the addition made by the Assessing Officer was unjustified. Emphasizing the binding nature of CBDT circulars on the Revenue, the Tribunal directed the deletion of the addition of Rs. 1,36,406, highlighting the importance of adhering to prescribed guidelines for seizure of jewellery during search operations. Case-Laws Income Tax Mon, 13 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304357