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TMI Blog2016 (9) TMI 1567X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of 500gms for married lady, 250gms for unmarried lady and 100grms for male to be extended to assessment proceedings and the same to be treated as explained income. Since there are three lady members in the family, as per the above CBDT Circular, possession of seized jewellery cannot be questioned. We, therefore, delete the addition sustained by the learned CIT(A). Appeal of the assessee stands ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. Briefly stated the facts of the case are that during the course of search, jewellery was found and the Assessing Officer made the addition of ₹ 12,77,409/- towards gold and silver ornaments found during search. The learned counsel for the assessee submitted that while making this addition, the Assessing Officer has ignored the statement recorded during the search regarding source of s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ignored the various statements recorded during search on explanation regarding source of such jewellery and also ignored Board Circular. During search gold ornaments weighing 639.50 gms valued at ₹ 10,69,801/- and silver articles of 6.325 kg valued at ₹ 2,07,248/- were found. The gold jewellery was explained as pertaining to 3 ladies, appellant s mother, his wife and his brother s wife ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. During the course of hearing, the learned counsel for the assessee submitted that as per Circular No. 1916 dated 11.05.1994 issued by the Central Board of Direct Taxes, possession of 500gms of jewelry by each married lady is permissible. Gold jewellery of 639.50gms and silver of 6.325gms were found which cannot be treated to be unexplained as per the above Circular. 5. On the other hand, th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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