TaxTMI 
TaxTMI 
2017 (4) TMI 243
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....O by treating the cash found during the course of search as unexplained. 3. The Ld. CIT(A) ought to have deleted the addition of Rs. 2,26,000/- in the light of the explanations offered by the assessee. 4. The Ld. CIT(A) erred in confirming the addition of Rs. 42,23,700/- made by the A.O by treating the value of the entire jewellery at the rates relevant to assessment year, found during the course of search, as unexplained investment. 5. The Ld. CIT(A) ought to have held that in the light of the explanations offered by the assessee, affidavits filed by the close relatives of the assessee's family members, the status of the assessee and his family members and guidelines laid down in CBDT Circular No. 1916 dated 11-05-1994, the quantity ....
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....e course of search with relevant proofs of bills source etc. The assessee expressed his in-ability to produce bills etc., and requested to consider the jewellary as accumulated by his mother and wife on various occasions of family functions like marriages etc. The A.O was however not convinced and held that the entire amount of Rs. 42,23,700/- is to be treated as un-accounted investment made by the assessee. Further, un-accounted cash of Rs. 2,26,600/- was also found during the course of search and as the assessee could not explain the source for the same, the A.O treated it as unexplained income of the assessee, and accordingly brought the entire sum of Rs. 44,50,300/- to tax as unexplained investment. Aggrieved, the assessee preferred an ....
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....ays and other festivals etc. He also relied upon the judgment of the tribunal at Mumbai in the case of ACIT/DCIT Vs Rafiq Mohd. Nazir Shaik in ITA No. 465/Mum/2012 dated 17.05.2013 where 1696.9 grams of gold found was accepted as explained. He also relied upon the affidavits given by the brother of assessee's mother as well as father of the assessee's wife where they have confirmed that they have gifted gold jewellary at the time of marriage and other functions. With regard to the cash found at the time of search, the Ld. Counsel for the assessee has filed before us, the cash book of assessee as well as his father to demonstrate that they had the cash balance as on that date which was more than the amount found and seized i.e to Rs. 2,26,00....