AI Drafter 
TaxTMI 
TaxTMI 
2013 (10) TMI 1525
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....in brief are that there was search at residential premises of the assessee, namely, Arvind Agrawal and Subhash Agrawal under Section 132 on 6th January, 2009. Following jewelleries were found during the course of search from different premises of the assessee's family and family of his brother :- S.No. Particulars Gold Jewellery Diamond Jewellery 1. As found during the course of search from different premises 13032.452 gms. 323.7Cts 2. As disclosed by the assessee and his other family members 14400.020 gms. 239.11 Cts 3. Excess jewellery disclosed 1367.568 gms. 4. Short Diamond 84.59 Cts 5. Value of Gold found short [Page No. 26 of Compiliation] 14,00,923 ....
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....ssessment order added the amount of jewellery as seized during the course of search as income of the assessee and his brother even when the quantity of the gold jewellery as disclosed by the assessee was higher than what was actually found during the course of search. 5. By the impugned order, the ld. CIT(A) deleted the addition made on account of gold jewellery found in short, however, he has confirmed the addition in respect of diamond jewellery found in excess, after having the following observations :- "4.3 I have considered the Assessing Officer's order as well as the appellant's submission. Having considered the both, I find that the appellant has agitated against the addition of Rs. 8,63,685/- made on account of alleged u....
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....wellery found during the course of search operation. But, I am not in agreement with the appellant's this proposition, because the appellant could not adduce any evidence in support of such assertion. However, to this extent appellant explanation is acceptable that the difference in nature of gold jewellery may be taken different shape as per the ladies requirement in the family which is normally happen in the Indian family i.e. the ladies are in habit of changing the old jewellery to the new jewellary as per the requirement. Therefore, the addition made by the Assessing Officer on account of gold jewellery difference stands explained. Hence, the addition made by the Assessing Officer due to gold jewellery seizure stands deleted. 4....
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....,58,041/- made on account of alleged investment in excess cash as found and seized at the time of search. The Assessing Officer on the basis of seizure made at the time of search reached to the conclusion that cash as seized during the course of search was not properly explained and added the same to the income of the appellant. The appellant during the course of search, assessment and appellate proceeding it was clarified that individual cash book was maintained in respect of all the individual family members of the appellant. The cash book as maintained was also found and seized during the course of search. Search was executed on 06-01-2009 and cash book was written till Dec 2008. The source of cash is also verifiable from the cash book a....
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....te about the jewellery as disclosed by the assessee and his family members in their wealth returns and VDIS declaration. The value of such gold jewellery, which was declared by the assessee was excess by Rs. 14,00,923/- as against excess diamond of Rs. 10,31,730/- as found during search. Contention of assessee was that ladies of the house used to make alteration in the jewellery, therefore, the description of jewellery disclosed by the assessee in their respective returns were not matching with the description of the jewellery found during course of search. So far as total amount of jewellery as disclosed by the assessee is concerned, the same was much more than what was found during the course of search. Changes in form of jewellery was ma....
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....r Bench in the case of Rakesh R. Purohit, 14 DTR 414, observed that jewellery disclosed by the assessee in past cannot be lost site in view of the non-availability of item-wise tally. 9. Keeping in view total amount of disclosure made by both the assessee brothers and their family members in their wealth tax returns and VDIS file much prior to date of search, which was much more than total value of gold and diamond jewellery found during search, we do not find any merit for the addition made in the hands of assessee. 10. With regard to addition of cash made in the hands of Subhash Agrawal, we found that assessee was having more cash as per day-to-day cash books maintained by him, as compared to cash found during course of search. Whil....