2023 (10) TMI 266

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....law the order passed by Ld. CIT(A)-23, New Delhi (hereinafter referred to as CIT(A)) is contrary to the facts and bad in law. 2. That on the facts & circumstances of the case and in law the Ld. CIT(A) was not justified in upholding the addition of Rs. 3,92,151/- made in the assessment order on account of alleged unexplained investment in jewellery and, disregarding the provision contained in Instruction No. 1916 issued by CBDT. 3. That the appellant craves leave to add, alter, amend, modify any of the grounds of appeal at the time of hearing or before. 2. The only effective ground is against upholding the addition made in the assessment order on account of alleged unexplained investment in jewellery and not following th....

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...., learned DR opposed the submissions and supported the orders of the authorities below. 6. We have heard rival contentions and perused the material available on record. We find that the learned CIT(A) has sustained the addition by observing as under: "7. During the course of search jewellery worth Rs. 6,27,00,968/- were found, out of nich jewellery worth Rs. 5,26,26,425/- was seized from the search premise and locker. During the course of assessment proceedings, the Assessing Officer asked the appellant explain the jewellery. After considering the explanation of the appellant, the Assessing Officer did not find the explanation in respect of jewellery worth Rs. 3,92,151/- as acceptable and therefore made an addition of Rs. 3,92,1....

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.... 10. In this case, it is an admitted fact that jewellery/gold to the extent of Rs. 3,92,151/- could not be explained by the appellant. The Assessing Officer after considering the explanation of the appellant did not make an addition to the extent of more than Rs. 6.27 Crores. No infirmity is found in the action of the Assessing Officer in making addition of Rs. 3,92,151/-. Therefore, the addition made by the Assessing Officer is sustained." 6.1 From the assessment order it is clear that the AO made addition on account of non-explanation of source of acquisition/purchase of jewellery items worth Rs. 3,92,151/- and the learned CIT(A) in the appellate order states about gold coins and 17 gold ginnies. The learned CIT(A) was of the view t....