2016 (9) TMI 1567

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....M This appeal has been filed by the assessee against the order of the learned CIT(A)-I, Indore, dated 14.10.2014. 2. At the time of hearing the only ground pressed by the learned counsel for the assessee is ground no. 2 to the effect that the learned CIT(A) erred in law and facts of the case and made addition of Rs. 200000/- towards told, silver jewellery found released at the time of search....

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....ingh Bhandari Marg, Indore. The gold jewellery pertained to three ladies, the assessee's mother, his wife and brother's wife who acquired the same during marriage which represent Stridhan. Considering the facts of the case, the learned CIT(A) reduced the addition to Rs. 2,00,000/- by observing as under :- "7. Ground no. 4 of appeal is against addition of Rs. 12,77,049/- towards gold and s....

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....ch jewellery in hands of three ladies is not much and it is customary to receive gift of silver articles on various occasions, I hold that confirming an addition of Rs. 1.50 lacs for gold jewellery and Rs. 50,000/- for silver coins/articles i.e. a total of Rs. 2.00 lacs will meet the end of justice. As a result out of addition of Rs. 12,77,049/- only an amount of Rs. 2,00,000/- is confirmed and ap....