2025 (7) TMI 180

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....t. Ltd, filed his return of income for the A.Y 2021-22 on 28/01/2022 by declaring total income of Rs. 50,80,000/-. A search and seizure operation u/s 132 of the I.T. Act, 1961 was conducted in the case of M/s.Axis Energy Venture India Pvt. Ltd on 10/12/2020 and as a part of the search operation, the assessee was also covered. During the course of search in the premise of the assessee, gold jewellery to the extent of 1810 gram valued at Rs. 99,59,900/- was found and out of which, jewellery to the extent of 690g worth Rs. 32,68,200/- were seized. During the course of assessment proceedings, the Assessing Officer called upon the assessee to explain the source for gold jewellery. In response, the assessee submitted that, the entire jewellery fo....

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....e, considering the seized assets of the family, the Assessing Officer ought to have allowed the explanation of the assessee. The learned CIT (A) after considering the submissions of the assessee and also by following the decision of the Coordinate Bench of the Tribunal in the case of ACIT vs. Ramesh Chandra R. Patel (2004) observed that the specified limit of jewellery could not be seized by the Department during the course of search in view of the CBDT Circular No.1916/1994 is that, a married women can have 500gms of jewellery and unmarried women can have 250gms of jewellery. Similarly, 100gms of jewellery in the case of men should not be seized. If we consider the above limit in the light of the CBDT Circular and the size of the family, t....

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....ed CIT (A) has given relief to the appellant to the extent of 1700gms by taking into account the CBDT Circular No.1916/1994 dated, 11/05/1994 which covers the value of the jewellery claimed to have been received by the appellant and his family members as "Sthridhan" or gifts on the occasion of marriage and other functions. The remaining 110gms was still unexplained. Therefore, the learned CIT (A) sustained the additions made by the Assessing Officer and thus, the order of the learned CIT (A) should be upheld. 7. We have heard both the parties, perused the material available on record and gone through the orders of the authorities below. There is no dispute with regard to the fact that, the Department found 1810gms of jewellery during the....