2018 (3) TMI 1177

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.... 2. The appellant craves leave to add, alter, modify or delete one or more ground of appeal before or at the time of hearing of appeal." 3. The brief facts of the case are that search and seizure action u/s 132 of the Act, was carried out on 30.09.13 in the NCML Group. The assessee was also covered under this Search. The NCML Group including the assessee was centralized in Central Circle-5, New Delhi. The case of the assessee was transferred to Central Circle-5, New Delhi vide order u/s 127 of IT Act, 1961 dated 21.01.14, F.No.CIT-VII/Cent./(within Delhi)/11(3)2013-14/1939 passed by the Commissioner of Income Tax, Delhi-VII, New Delhi. During the course of search at the residence of the assessee, gold jewellery of which some was....

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.... found in possession of the assessee are as follows: Some of the items of jewellery like broken bangles, necklace set with stones belongs to the mother of the assessee and is ancestral etc. Some of the items of jewellery like kadas were received as a gift during the marriage of the assessee by the assessee and his wife from friends, family and relatives. Some of the items of jewellery like diamond rings and mangalsutra were purchased by the Assessee's family at the time of marriage of the assessee as a part of normal Hindu tradition. Some of the items of jewellery like gold chains, pajeb etc. were received by the children of assessee as a token of love at the time of their birth and birthday functions. ....

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....ns where search parties come across items of jewellery for strict compliance by the authorities. The CBDT directed that in the case of a jewellery person not assessed to wealth-tax, gold jewellery and ornaments to the extent of 500 gms. per married lady, 250 gms per unmarried lady and 100 gms per male member of the family, need not be seized. Moreover, the High Courts, under the circumstances, relying on the above referred instructions of the CBDT, has consistently held that the possession of the jewellery and ornaments to the extent of the quantities specified in the instruction is to be treated as reasonable and therefore explained and should not be the subject matter of additions in assessment of the total income of a person." ....