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TMI Blog2018 (10) TMI 1289X X X X Extracts X X X X X X X X Extracts X X X X ..... ave been added to the income of the assessee and the benefit of the CBDT Circular No. 1916 dated 11.5.1994 should also be spread so as to cover the silver articles weighing 1812 gms. We therefore set aside the orders of both the lower authorities and delete the addition of ₹ 75,278/- for the alleged unaccounted investment in silver articles and allow the grounds raised by the assessee. - decided in favour of assessee. - ITA No.593/Ind/2017 - - - Dated:- 18-10-2018 - Shri Kul Bharat, Judicial Member And Shri Manish Borad, Accountant Member For the Revenue : Smt. Ashima Gupta, CIT For the Assessee : Shri S.S. Deshpande,C.A ORDER PER MANISH BORAD, AM. This appeal of Assessee pertaining to A.Y. 2015-16 is dire ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eighing 1812 grams(net weight) valuing at ₹ 75,278/-. 5. Aggrieved assessee preferred appeal before Ld.CIT(A) and partly succeeded as the Ld.CIT(A) following the instructions of Central Board of Direct Taxes (CBDT) bearing No.1916 dated 11.05.1994 allowed the claim of gold jewellery weighing 242 grams. However addition for ₹ 75,278/- on unaccounted investment in silver articles was confirmed. 6. Now the aggrieved assessee is in appeal before the Tribunal. 7. The Ld. Counsel for the assessee reiterated the submission made before the lower authorities and requested for deleting the addition looking to the regular income of source of the assessee as well as his standard of living. 8. Per contra the Departmental Repre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld jewellery weighing 242 gms but confirmed the addition for silver articles weighing 1812 gms. The above referred instructions refers only to jewellery and ornaments and nowhere restrict it to gold jewellery. One cannot ignore the fact that in the Indian families there is a culture of giving silver ornaments and utensils on auspicious and marriage occasions. Restricting the limit of 500 gm/250 gm/100 gm only to the gold jewellery ornaments will not serve the true purpose of the CBDT instructions and it has to be applied hamnoninerly in the light of the Indian culture and traditions. 12. We therefore in the given facts and circumstances of the case are of the considered view that the impugned silver jewellery weighing 1812 gms val ..... X X X X Extracts X X X X X X X X Extracts X X X X
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