2026 (5) TMI 1269

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....Respondent : Sh. Dayainder Singh Sidhu, CIT(DR) ORDER PER MANISH AGARWAL, AM : This appeal filed by the Assessee is directed against the order of the Ld. Commissioner of Income Tax (Appeals-3), Noida [hereinafter referred to as "CIT(A)"] dated 17.11.2025 arising out the assessment order 22-3-2025 u/s 143(3) of the Income Tax Act, 1961 (in short "the Act") pertaining to A.Y. 2023-24. The a....

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....on account of 40 grams of gold, ignoring the appellant's explanation that the gold coins were received on occasions such as marriage and family functions over a period of time, which is consistent with prevailing Indian social customs. 4. The Ld. CIT(A) erred in law and on facts in confirming the addition of 40 grams of gold in the hands of the appellant, ignoring that Locker No. D-19 was....

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.... Group of cases. As per AO, during the course of search and seizure, bullion amounting to Rs. 7,25,000/- (125 grams) was found and seized from the premises of the assessee. The total bullion 125 grams aggregating 21 gold ginnies were found and seized which were claimed as received being customary gifts during functions such as on the occasions of marriage, birth of children etc. AO made the additi....

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....f 40 grams of the gold as received during the functions as customary gifts and further allowed credit of 45 grms gold purchased out of self funds. The assessee has placed copy of bill dated 31.12.2011 which has been placed at Paper Book page No. 22 issued by the Manohar Lal Saraf and Sons Jewellers Pvt. Ltd., P-12A, Sector-18, Noida wherein cash payment was made. The said copy of the bill was prod....