2026 (9) TMI 500

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....of gold jewellery found during the course of search and addition of Rs.68,63,750/- made under section 69B in respect of stock of guar-gum found at the business premises. 2. Insofar as the first issue relating to gold jewellery is concerned, during the course of search at the residential premises of the assessee's family, gold jewellery weighing 2226.176 grams, valued at Rs.70,20,884/-, was found. The assessee had explained that the jewellery belonged to different members of the family and had been acquired over a period of time on occasions such as marriages and other customary and social functions. It was also pointed out that jewellery weighing 654.48 grams had already been declared under the VDS Scheme in 1999 by Smt. Anju Salecha. Th....

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....iling customs relating to holding of jewellery in Indian families and, unless there is material to the contrary, jewellery to the extent contemplated therein can reasonably be treated as explained. (Indian Kanoon⁠) 5. Here, the factual position is even more compelling. As against jewellery weighing 2226.176 grams actually found, the permissible quantity worked out by the Ld. CIT(A), having regard to the members of the family, was 2650 grams. Besides, 654.48 grams stood independently supported by an earlier VDS declaration. Nothing has been brought before us by the Revenue to controvert these factual findings or to demonstrate that the jewellery belonged exclusively to the assessee or represented any unexplained acquisition ....

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....und to have been made through banking channels prior to the search. The stock was also reflected in the accounts and financial statements of M/s Rajesh Traders. Thus, the documentary trail comprising purchase ledger, purchase invoices, books of account and bank payments existed prior to the search and was not something subsequently brought into existence to explain the stock found. 8. We find that these factual findings of the Ld. CIT(A) remain uncontroverted before us. Once the stock found during the proceedings stood correlated with purchases recorded in the books of M/s Rajesh Traders and the corresponding payments had admittedly been made through banking channels prior to the date of search, merely because the stock was found at the ....