TaxTMI 
TaxTMI 
2023 (8) TMI 515
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....t the order dated 14.12.2016 passed u/s 144 r.w.s 153A(1)(b) of the Income Tax Act, 1961 (hereinafter referred as 'the Act') by the DCIT, Central Circle, Karnal (hereinafter referred as the Ld. AO). 2. The facts in brief are that consequent to search and seizure operation at the residential as well as business premises of M/s. Vishnu Overseas P. Ltd. and Shri Vishnu Eatables India Ltd. Group of cases & bank locker of the assessee on 17.01.2014 and subsequent dates. Assessment proceedings for initiated u/s 153A notice u/s 142(1) along with questionnaires dated 01.07.2015 was issued the ld. AO was primarily examining the issue of jewellery worth Rs. 35,68,470/- found from the locker of assessee with Punjab National Bank. The assessee had c....
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....the Ld. CIT(A) with following findings in Para no. 3 of CIT(A) reproduced as under :- "Ground of Appeal No. 3:- relate to addition of Rs. 35,68,470/- as undisclosed investment in jewellery. This has been contested by the appellant by taking the following two related issues. a) Even when jewellery valued at Rs. 11,07,600/- was not seized at the time of search and, thus, accepted by Revenue as made from disclosed sources following the CBDT instructions No. 1916 dated 11/05/1994; and b) Even when the remaining jewellery valued at Rs. 24,60,870/- was 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 of....
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..../- from the residence of the Sh. Subhash Chander Mittal, which is claimed to be belonging to the family members, was neither seized nor added in the hands of the appellant in the assessment order. Hence, credit for 500 gm. of jewellery in the name of appellant has already been considered by the department and there is no scope for further deduction on 'this account, as claimed by the appellant. During the appellate proceedings, the AR of the appellant submitted that the appellant's father-in-law, Shri Shubhash Chander Mittal has declared an amount of Rs. 1,47,00,000/- as undisclosed income and also paid taxes on the same, in the return for A.Y. 2014-15. He has further submitted that this amount of 1,47,00,000/-declared by Sh. S....
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....cepted." 4. The assessee is in appeal raising following grounds :- "1. The learned CIT(A) erred in law and on facts in confirming the addition of Rs. 35,68,470/- as undisclosed investment in jewellery- (a) even wlien the jewellery valued at Rs. 11,07,600/- was not seized at the time of 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. 24,60,870/- 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 of income filed for the AY 2014-15 relev....
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....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 - 328310 Jewellery 1525117 - 1525117 Silver 801315 - 801315 SUBHASH CHANDER (Locker No . 81 P NB Kaithal ) Jewellery 1255654 1255654 - SUBHASH CHANDER (Locker No . 277 PNB Kaithal ) Jeweller....
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.... Hitesh 2460870 Hitesh( Shruti Mittal) 3644840 Total 1,28,03,044 8. From the above , we find that Sh. S. C. Mittal, father-in-law of the assessee staying under the same roof, as the head of the joint family has disclosed an amount equal to the unaccounted jewellery seized belonging to the entire family as an undisclosed income. The vary purpose of centralization of the cases of the family members is to have a comprehensive understanding and determination of undisclosed income. In the instant case , since the undisclosed income determined tallies with the undisclosed income declared in the return, no separate addition in the hands of the assessee is called for ." 7.1. Very categorically the Coordinate Bench has gi....