TaxTMI 
TaxTMI 
2022 (6) TMI 1327
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....regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in upholding the action of the Ld. A.O. in making an addition of Rs.23,54,184/- on account of jewelry found in the search. 2. That in any case and in any view of the matter, action of Ld. CIT(A) in confirming the action of Ld. AO in making an addition of Rs.23,54,184/- is bad in law and against the facts and circumstances of the case. 3. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in upholding the action of the Ld. A.O. in making an addition of Rs. 1,00,000/- u/s 69A of the Income Tax Act, 1961 on account of cash found during the search. 4. That in any case and in ....
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.... proceedings the assessee filed an affidavit with regard to the old jewellery received in marriage and copies of the bills. Keeping in view the status of the family and the submissions of the assessee, the Ld. AO allowed credit of the said jewellery amounting to Rs. 16,06,028/- and made addition of Rs. 23,54,184/-. 5.1 On appeal before the Ld. CIT(A), it was contended by the assessee that in view of the Board's instruction No. 1916 dated 11.05.1994 credit for 800 gms @ 2736 should be given to the assessee. It was also submitted that 278.550 gms were purchased by the assessee and bills were also available. Two bills from Harsh Jewellers, Tuglakabad, New Delhi were submitted. 5.2 The contentions of the assessee were not acceptable to th....
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.... book. The Ld. AR pointed out that copies of bills regarding jewellery purchased by the assessee and his wife from savings which could not be submitted during assessment proceedings were filed before the Ld. CIT(A) by way of additional evidence. These appear at pages 112 to 125 of the paper book. Our attention was also drawn to the order dated 08.04.2021 of the Tribunal in ITA No. 838/Del/2017 in the case of Shri Anil Jindal, brother of the assessee. Copy thereof was placed on record. 6.2 The Ld. DR submitted that certain items of jewellery were studded with precious and semi precious stones as would be seen from page 10 of the paper book. Credit can be given for gold but not for diamond etc. He supported the order of the Ld. AO/ CIT(A).....
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....ssment proceedings full details of cash found with each family member and source thereof were given (para 4.1 of Assessment Order). It will be seen therefrom that the assessee and his wife had withdrawn Rs. 1,00,000/- and Rs. 1,50,000/- from their respective bank accounts on 20.04.2012 few days before the date of search. Copies of cash book and bank statement of the assessee and his wife showing withdrawal of cash submitted before the Ld. AO / CIT(A) appear at pages 32-33 and pages 44-47 of the paper book. It was vehemently argued that the addition is not at all justified. The Ld. DR supported the order of the Ld. AO and CIT(A). 9. We have given careful thought to the rival submissions. Right from the stage of search, the case of the ass....