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TMI Blog2020 (10) TMI 1338X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee in the paper book shows the total weight of the jewellery found to be 671.534 gms with the value of Rs 31,27,296/-. CIT(A) has given credit of jewellery of 600 gms (500 gms for the wife of the assessee and 100 gms for the assessee) and no credit has been given for jewellery to the son of the assessee. The fact that the family of the assessee consists of himself, his wife and son is not disputed. We find that CBDT vide instruction no. 1916 dated 11.05.1994 has issued guidelines which inter alia states that in case of person not assessed to wealth tax, gold jewellery ornaments to the extent of 500 gms per married lady, 250 gms per unmarried lady and 100 gms per male member of the family need not to be assessed. In the present case, we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cially females as gifts on various occasions and was part of their stridhan and the assessee also relied on the instruction No. 1916 dated 11.05.1994 issued by CBDT to contend the quantum of jewellary which is held by an individual is to be considered to be explained. The submissions of the assessee were not found acceptable to the AO. AO was of the view that the CBDT instructions relied by the assessee was not applicable as the Investigation Wing had not seized the entire jewellary that was found. AO also noted that the assessee had not furnished the copy of Wealth Tax Return to explain the jewellery found. AO noted that in the absence of any explanation about excess jewellery of 800 gms which has remained unexplained, its addition needs t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... opy of the statement recorded at the time of search and specifically to answer to question no. 25 wherein it was submitted by the assessee that he was staying with the other family members and his son. He, therefore, submitted that if the correct quantity of jewellary (i.e. 671.53 gms instead of 771.83 gms) is considered and if the credit of jewellery of 100 gms as per the instructions of CBDT No. 1916 dated 11.05.1994 for his son is given, then there would not be any excess of unexplained jewellery and therefore no addition is called for. 8. Learned DR on the other hand, supported the order of lower authorities and submitted that the lower authorities have already granted him benefit of CBDT instructions. She thus supported the order of l ..... X X X X Extracts X X X X X X X X Extracts X X X X
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