TaxTMI 
TaxTMI 
2019 (8) TMI 1393
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....e following grounds of appeal: "1. On the facts and circumstance of the case as well as in law, the Learned CIT(A) has erred in restricting the action of the Learned Assessing Officer in making an addition of Rs. 8,18,134/- on account of alleged Unexplained gold jewellery found during the course of search action, without considering the facts and circumstances of the case. 2. The appel lant craves leave to add, amend, alter or delete the said ground of appeal." 2. Briefly stated, search and seizure action under Sec. 132(1) of the I.T Act was carried out in the case of "Rose group" of companies on 20.02.2014 and on subsequent dates. During the course of the search proceedings total gold & diamond jewellery of the assessee and his family....
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....ld jewellery of a value of Rs. 19,90,313/- in the hands of the assessee. The CIT(A) taking cognizance of the CBDT Instruction No. 1916, dated 11.05.1994, observed that as held by various courts, gold jewellery found to the extent of limit mentioned in the aforesaid CBDT Instruction No. 1916, dated 11.05.1994 was to be treated as explained and no addition could be made to that extent. In the backdrop of his aforesaid view, it was observed by the CIT(A) that as per Clause (ii) of the aforesaid CBDT Instruction No. 1916, gold jewellery and ornaments in the case of a person who was not assessed to wealth tax to the extent of viz. (i). 500 gms per married lady; (ii). 250 gms per unmarried lady; and (iii). 100 gms per male member of the family, w....
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....e material available on record. Admittedly, during the course of the search proceedings gold & diamond jewellery of Rs. 1,03,67,275/- was found lying the bank lockers and the residence of the assessee and his family members. As is discernible from the orders of the lower authorities, the assessee could neither file any bills, invoices nor put forth any explanation as regards the source of acquiring the gold ornaments weighing 938.03 gms of a value of Rs. 22,70,313/-. Apart there from, it was also noticed by the A.O that no wealth tax return was filed by the assessee. In fact, the only return of wealth as observed by the A.O was filed by the family member of the assessee viz. Smt. Swati Joshi, and too way back in the year 1992. The probabil....