2018 (10) TMI 1289

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....peal of Assessee pertaining to A.Y. 2015-16 is directed against the order of Ld. Commissioner of Income Tax(Appeals)-3, Bhopal (in short 'CIT(A)'), dated 29.06.2017 which is arising out of the order u/s 143(3) of the Income Tax Act 1961(hereinafter called as the 'Act') framed on 30.09.2016 by DCIT (Central)-I, Bhopal. 2. The assessee has raised following grounds of appeal; "That on the facts an....

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....ent Year 2009-10 to 2015-16. Consolidated assessment order was framed on 30.09.2016. For Assessment Year 2015-16 only addition was made for Rs. 7,51,535/- towards unexplained investment in jewellery which comprised of gold ornaments weighing 242 grams (net Weight) valuing at Rs. 6,76,257/- and silver articles/utensils weighing 1812 grams(net weight) valuing at Rs. 75,278/-. 5. Aggrieved assessee....

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.... only issue before us is that whether Ld.CIT(A) was justified in confirming the addition of Rs. 75,278/- for the alleged unaccounted investment in silver articles weighing 1812 grams. 10. We find that the Central Board of Direct Taxes issued instruction No.1916 dated 11.5.1994 which reads as follows; "Instruction No.1916 (F.No. 286/63/93-IT(INV.II)), dated 11.5.1994, issued by the Central Board....

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....eed not be seized". 11. In the instant case Ld.CIT(A) following the above referred CDT instructions allowed the claim of investment in gold jewellery weighing 242 gms but confirmed the addition for silver articles weighing 1812 gms. The above referred instructions refers only to "jewellery and ornaments" and nowhere restrict it to gold jewellery. One cannot ignore the fact that in the Indian fam....