https://www.taxtmi.com/caselaws?id=752541 The Madras HC dismissed a petition challenging addition of excess jewellery found during search operations. The petitioner contested addition of 1099.96 gms gold from total 10514.960 gms gold and 14.05 carats diamond seized from residence. The court held that CBDT Circular No.1916 dated 11.05.1994 regarding seizure of small quantity jewellery applies only to investigation stage, not assessment stage. The circular allows Authorized Officer to exclude larger quantities considering family status and community customs during seizure, but requires detailed inventory for assessment purposes. The court found no grounds to interfere with the impugned order but granted liberty to pursue alternate remedy before Appellate Commissioner under Section 246A of Income Tax Act, 1961. en-us Tue, 23 Apr 2024 00:00:00 +0530 Mon, 13 May 2024 08:38:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752541 The Madras HC dismissed a petition challenging addition of excess jewellery found during search operations. The petitioner contested addition of 1099.96 gms gold from total 10514.960 gms gold and 14.05 carats diamond seized from residence. The court held that CBDT Circular No.1916 dated 11.05.1994 regarding seizure of small quantity jewellery applies only to investigation stage, not assessment stage. The circular allows Authorized Officer to exclude larger quantities considering family status and community customs during seizure, but requires detailed inventory for assessment purposes. The court found no grounds to interfere with the impugned order but granted liberty to pursue alternate remedy before Appellate Commissioner under Section 246A of Income Tax Act, 1961. Case-Laws Income Tax Tue, 23 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752541