2014 (1) TMI 1836

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....R. ORDER Sanjay Garg, Judicial Member: The present appeal has been filed by the Revenue against the order of the CIT(A) dated 20.10.2011 relevant to assessment year 2009-10. The Revenue has taken the following grounds of appeal: "Ground No.1: 1. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) is justified in holding that jewellery of Rs. 10,23,63....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....on, gold jewellery weighing 1472.80 gms valued at Rs. 20,71,670/- and diamond jewellery worth Rs. 5,67,410/- was found. The assessee explained that the said jewellery belonged to his family consisting of five family members i.e. the Assessee himself, his wife, mother and two daughters. The Assessing Officer, keeping in view the status of the family and also in view of the circular No.1914, allowed....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ted the additions so made by the Assessing Officer. Aggrieved from the order of the CIT(A), the Revenue has preferred the present appeal. 4. We have heard the ld. representatives of both the parties and also have gone through the records. The ld. representative of the assessee (AR) has submitted that the jewellery seized by the department in fact was the old jewellery of the family purchased fr....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... gifts also depend upon the social as well as financial status not only of the donor but of the donee also. Further, as per CBDT circular No.1916 dated 11.5.1994 which contains guidelines to be followed in the matters of seizure of gold and jewellery during the course of search action, it is apparent that in case of a person not assessed to wealth-tax, gold jewellery and ornaments to the extent of....