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TMI Blog2020 (8) TMI 126X X X X Extracts X X X X X X X X Extracts X X X X ..... ich need to be considered. In case of assessee, he has declared 0.5 kgs of silver in his wealth tax return for A.Y 92-93 and to that extent, the same stand explained. Therefore, as against 1.480 kgs of silver items belonging to the assessee, he has already declared 0.5 kgs of silver in his wealth tax return for A.Y 92-93. The possession of remaining 0.98 kgs of silver items over the period of 24 years and given the societal customs of accepting/buying such items on occasion of birth and other social functions seems reasonable and the addition sustained by the ld CIT(A) is hereby deleted. - Appeal of the assessee is allowed. - ITA. No. 365/JP/2019 - - - Dated:- 3-8-2020 - Shri Vijay Pal Rao, JM And Shri Vikram Singh Yadav, AM For th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 00,792/- Silver Item and Coins 5.790Kg 4.971 Kg 4,22,108/- Total 37,22,900/- However, as per AO, the above chart does not show the correct picture which should be read as under:- Annexure Gross Weight Net weight Value (As per Departmental valuer) J-1 Pankaj Ladha Gold 1480.500 1240.900 33,00,792/- Silver item 5.790Kg 4.971 Kg 3,22,108/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gs are required to be initiated U/s 271AAB(1)(c) because assessee has undisclosed income. Therefore, penalty U/s 274 r.w.s. 271AAB(1)(c) is initiated for her undisclosed income 3. In the first appeal, ld. CIT(A) deleted the addition relating to the gold jewellery, however, the impugned addition of ₹ 1.50 lakhs relating to silver ornaments jewellery and coins was confirmed in the following words:- 7.3 2 Further, regarding silver jewelry of 4.971 kg (valued @ ₹ 35,900/- per kg) at ₹ 1,78,459/- and silver coins valuing ₹ 1,43,65O/-, found during search, I find that the assessee has not given any reply regarding source of investment therein. However, the AO has, considering the overall facts, fairly treated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s statement recorded U/s 132(1) of the Act in reply to question no. 2 as stated that the silver items belongs to the family members. It was further submitted that the AO has determined the figure of ₹ 1,50,000/- based on blind estimation. It appears that he has confirmed the relief only w.r.t the wealth tax returns of mother Smt Savitri Ladha and Pankaj Ladha. It was submitted that Pankaj Ladha having already declared whatever silver jewelry/coins he possessed, hence there was no occasion for making any addition. Otherwise also, when the AO had not disputed the possession of the ornaments by the family members, the addition of the silver jewelry coins could not be added in the hands of the assessee alone and more particularly when C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7; 1,50,000/- as unexplained has been held reasonable by the ld CIT(A), it was submitted that given that the assessee has failed to explain the source of investment in silver jewellery and coins and the assessee has already been provided appropriate relief by the AO and no further relief may be provided. He accordingly supported the findings of the lower authorities. 8. We have heard the rival contentions and perused the material available on record. In the statement recorded u/s 132(4), the assessee in response to question no. 28 where he was asked to explain the source of gold jewellery weighing 1240.90 grams and silver jewellery/utencils weighing 4.971 kgm has stated that gold and silver jewellery and utencils so found during the cour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... jewellery so found during the course of search along with silver jewellery/items. Therefore, once it is accepted that these items belong to all family members and where the assessee has thereafter given specific details regarding such items identified to each of the individual members as per his submissions dated 18.08.2017, the remaining items should therefore be accepted as belonging to respective family members and not just that of the assessee only. Secondly, the assessee and her mother have already declared silver jewellery items in their respective wealth tax returns which need to be considered. In case of assessee, he has declared 0.5 kgs of silver in his wealth tax return for A.Y 92-93 and to that extent, the same stand explained. T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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