2023 (5) TMI 1482

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.... : Shri Ramnath P. Murkunde ORDER PER INTURI RAMA RAO, AM: This is an appeal filed by the assessee directed against the order of ld. Commissioner of Income Tax (Appeals)-12, Pune ['the CIT(A)'] dated 30.08.2022 for the assessment year 2019-20. 2. Briefly, the facts of the case are that the appellant is an individual deriving income under the head "salary". He is working in CSMSS Ayurve....

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.... the CBDT Instruction 1961 dated 11.05.1994 and the value of gold, jewellery of 107.48 gms was treated as unexplained rejecting the explanation of the appellant that this gold, jewellery belongs to his HUF which is received on partition of Bigger HUF. It was further explained that the said gold, jewellery was acquired out of the agricultural income on the land belonging to Bigger HUF. 3. Being ....

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.... that if an assessee is found to be the owner of any money, bullion, jewellery or other valuable article, which is not recorded in the books of account, and the assessee offers no explanation about the nature and source of acquisition of the money, bullion, jewellery or other valuable article, or the explanation offered by him is not satisfactory in the opinion of the Assessing Officer, then such ....