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TMI Blog2007 (8) TMI 37X X X X Extracts X X X X X X X X Extracts X X X X ..... cquired by inheritance ? 2. Whether on the facts and in the circumstances of the case, was the Tribunal justified in law in holding that under Section 69A of the I.T. Act the tax is leviable on the value of jewelleries and ornaments for the assessment year 1984-85 although the said jewelleries and ornaments were assessed to tax under the Wealth-tax Act, 1957 for the assessment years 1980-81 to 1983-84 ? 2. The assessment year involved herein is assessment year 1984-85. 3. On 5th July, 1983 there was a search action under Section 132 of the Act at the residential premises of the assessee. During the course of search, the authorised officer found cash of Rs.20,000/- and jewellery valued as on that date at Rs.1,65,670/- in a locker. The aut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lthough the said jewellery was not set out in the will executed by the assessee's father, the assessee had established that the jewellery was inherited from her father in the year 1928. He submitted that in the year 1928 the assessee was a minor and, therefore, the father of the assessee had kept the jewellery with Smt.Asrumati Bogilal Dalal being given to the assessee and her sister at the time of their marriage. He submitted that the two daughters namely the assessee and her sister got married in the year 1945 and 1947 respectively. However, due to certain differences, the jewellery was not handed over to the assessee at the time of her marriage, but the same were ultimately handed to the assessee in the year 1980. 9. Mr.Bhujle further s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the jewellery in question represented unexplained investments made by the assessee. Accordingly, Mr.Bhujale submitted that the questions referred to this Court be answered in favour of the assessee. 12. We do not find any merit in the arguments advanced on behalf of the assessee. According to the assessee, the jewellery in question have been inherited from her father. Admittedly, the father of the assessee who passed away in the year 1929 had made a will in the year 1928 for disposition of all the properties held by him and the said will has also been probated. The finding recorded by the C.I.T. (A) and confirmed by the Tribunal is that the will executed by the assessee's father is exhaustive and contains list of all the assets he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... voluntarily filed wealth tax return for A.Y. 1975-76 to A.Y. 1983-84 disclosing the said jewellery as inherited from her father. Mere acceptance of the said returns without any investigation would not preclude the Assessing Officer to tax the jewellery on being found that the said jewellery constituted unexplained investments. 15. Reliance was placed by the assessee on the decision of the Apex Court in the case of Smt.P.K. Noorjahan (supra). In our opinion, the said decision has no bearing on the facts of the present case because, the assessee who is admittedly assessed to wealth tax cannot be said to have no source to acquire the jewellery. Similarly, the circular dated 23rd November, 1982 issued by the Board does not support the c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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