2023 (2) TMI 761

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....No.320/17-18, 319/17-18 & 318/17- 18 dated 27.09.2019, 09.10.2019 & 27.09.2019. The assessments were framed by the ACIT, Central Circle-1, Madurai for the assessment year 2016-17 u/s.143(3) of the Income Tax Act, 1961 (hereinafter the 'Act'), vide orders dated 29.12.2017, 28.12.2017 & 29.12.2017. 2. At the outset it is noticed that the appeals in ITA No.3427 & 3429/CHNY/2019 are time barred by 9 days. It is noticed from Form 36 that the order of CIT(A) was received on 19.10.2019 and appeal was to be filed on or before 18.12.2019 but appeal was actually filed on 27.12.2020. The assessees have filed affidavit for condonation of delay stating the reason that the assessee has requested his Chartered Accountants to file appeal but due to fili....

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....0.50 grams of gold which was found in his possession. Accordingly the same was brought to tax by the AO as unexplained and further he valued this unexplained gold of 2700.50 grams @ Rs.2543/- per gram as on 17.11.2015 and valued the same at Rs.68,67,371/- and also added 5% of making charges at Rs.3,43,369/- thereby confirmed the addition of Rs.72,10,740/-. Aggrieved assessee preferred appeal before CIT(A). 5. The CIT(A) allowed the rebate of gold jewellery as per CBDT Instruction No.1916 dated 11.05.1994, which is for the purpose of not to seize jewellery if it found, even if it is not found explained and that is restricted to seize per the Board Circular in Item No.(ii) as under:- "(ii) In the case of a person not assessed to w....