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2024 (5) TMI 594 - MADRAS HIGH COURTAddition of excess jewellery found in search - addition of 1099.96 gms of gold out of 10514.960 gms of gold and 14.05 carats of diamond that was found at the residence of the petitioner at the time of search - HELD THAT:- Circular No.1916 of CBDT, dated 11.05.1994 on Instances of seizure of jewellery of small quantity in the course of operation u/s 132 makes it clear that the Authorized Officer may having regard to the status of the family and the customs and practices of the community to which the family belongs and other circumstances of the case decide to exclude a larger quantity of jewellery and ornaments from seizure. Para (iv) makes it clear that a detailed inventory of the jewellery and ornaments found must be prepared to be used for assessment purposes. Thus, the purport of the above circular is confined only at the stage of investigation of seizure and not to the stage of assessment. Therefore the complaint of the petitioner that the circular has not been followed cannot be countenanced. Under these circumstances, no case is made out for interfering with the impugned order. However, liberty is given to the petitioner to pursue the alternate remedy before the Appellate Commissioner in terms of Section 246A of the Income Tax Act, 1961.
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