2021 (9) TMI 1335

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....ry valued at Rs. 27 ,33 ,536/- was not seized at the time o f search and , thus , accepted to that extent by the Revenue as made from the disclosed sources following the CBDT Instruction No. 1916 dated 11 .05 .1994; and (b) Even when the remaining jewellery valued at Rs. 14 ,14 ,638/- was the family jewellery acquired by the assessee's father-in-law , Mr. Subhash Chander Mittal , and who had declared the equivalent sum as his undisclosed income in his return o f income filed for the A .Y . 2014-15 relevant to the date o f search. Thus, total addition o f Rs. 41,48,174/- so made must be deleted." 3. Heard the arguments of both the parties and perused the material available on record. 4. A search & seizure operati....

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.... Shruti Mittal Jewellery 35,68,470/-   Total   2,05,55,951/- 6. Out of the jewellery worth of Rs. 2,05,55,951/-, the jewellery worth Rs. 77,52,900/- weighing about 2550 gms. was not seized and jewellery worth Rs. 1,28,03,000/- has been seized by the department. Sh. S.C. Mittal has disclosed an amount of Rs. 1,47,00,000/- as undisclosed speculative profit from rice in his return of income for the A.Y. 2014-15 the application of which resulted in the purchase of jewellery. 7. The details of the jewellery found, seized, released and the undisclosed income declared is as under: SUBHASH CHANDER   Value Seized Released (joint with other 8 family' members ) Cash 328310 - 3283....