TaxTMI 
TaxTMI 
2021 (4) TMI 1339
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....lery found during the course of search & seizure operation carried out u/s 132, while arbitrarily rejecting the explanation given by the assessee. 2. That on the facts of the case and under the law, the Id. CIT(A) ought to had appreciated that since the assessee's family consisted of self, wife and son, the benefit of total 700 gms. (lOOgms. + 500gms. + 100 gms.) should had been allowed instead of only lOOgms., as allowed by the Id. AO. 3. That on the facts of the case and under the law, the Id CIT(A) ought to had given due weightage to the assessee's claim that part of the jewellery was acquired at the time of marriage (more than 20years ago) and also that remaining jewellery was acquired by him either out of gifts received o....
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....t order u/s 143(3) was passed on 30.03.2016 considered the total income of Rs. 5,60,65,159/-. 3. The assessee preferred appeal before the ld CIT(A). The ld CIT(A) confirmed the above addition dismissing the appeal of the assessee. Therefore, the assessee is in appeal before us. 4. Despite notice to the assessee by the registered AD as per noting of ordersheet dated 01.02.2021 the case was fixed for hearing on 31.03.2021. Despite this none appeared before us. On earlier occasions also on 31.03.2020, 31.09.2020 and 01.02.2021 none appeared on behalf of the assessee. In view of this, the appeal is decided on the merits of the case as per information available on record. 5. The ld DR heavily relied on the orders of the lower authorities. 6.....
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.... Court in 370 ITR 364, Hon'ble Allahabad High Court in 41 Taxmann.com 295, Hon'ble Rajasthan High Court in 366 ITR 325, Hon'ble Gujarat High Court in 339 ITR 351. In substance all these Hon'ble High Courts have held that jewellery specified under CBDT Circular No. 1916 dated 11.05.1992 is a reasonable quantity which could be not added in the hands of the assessee even though circular is for the purpose of none seizure of jewellery during the course of search. Hon'ble High Courts were also of the view that the instruction takes into account on quantity of jewellery which would generally be held by family members of assessee belonging to an ordinary Hindu house hold. The claim of the assessee is therefore supported by various high courts. In ....