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TMI Blog2021 (9) TMI 1428X X X X Extracts X X X X X X X X Extracts X X X X ..... low the limit prescribed by the CBDT, therefore, the Department ought not to have seized such gold. It is a settled law that the Circulars issued by CBDT are binding on the Revenue. This position was confirmed in the case of Commissioner of Customs v. Indian Oil Corpn. Ltd. [ 2004 (2) TMI 66 - SUPREME COURT] wherein Their Lordships examined the earlier decisions of the Apex Court with regard to binding nature of the Circular and laid down that when a circular issued by the Board remains in operation then the Revenue is bound by it and cannot be allowed to plead that it is not valid or that it is contrary to the terms of the statute. At the cost of repetition, we state that in assessee s case, the family contains three married ladies, three ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of hearing of an appeal. It is therefore, respectfully submitted that taking into account various submissions written as well as oral made in the course of assessment proceedings/appeal proceedings before the CIT (Appeals) and the AO through the written submissions, the entire addition of Rs. 1,36,406/- respectively ought to have been deleted in to especially in view of the appellant's various submissions with AO including the written submission dtd. 30-11-2016 filed with the CIT (Appeals), which form part of statement of facts along with various submissions to be filed before Hon'ble ITAT, Ahmedabad and the appeal of the appellant to be allowed in full as prayed for.' 3. Brief facts of the issue in dispute are stated as unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... O. 1916, DATED 11-5-1994 Instances of seizure of jewellery of small quantity in course of operations under section 132 have come to the notice of the Board The question of a common approach to situations where search parties come across items of jewellery, has been examined by the Board and following guidelines are issued for strict compliance: (i) In the case of wealth-tax assessee, gold jewellery and ornaments found in excess of the gross weight declared in the wealth-tax return only need be seized. (ii) In the case of a person not assessed to wealth-tax gold jewellery and 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 be seized. (iii) The authori ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... value of the gold including diamonds is to the tune of Rs. 1,36,406/-. 7. However, on the other hand, Shri Ritesh Mishra, Learned CIT(DR), for the Revenue opposed the plea taken by ld. Counsel and he relied on the stand taken by the assessing officer. We note that gold seized was only 636.790 grams embedded with diamonds of 7.95 carats, and in the assessee's family there are three married ladies, three married males and two minors. Three married ladies may hold the gold up to 1500 grams, which need not to be explained by the assessee, as per said CBDT instruction, therefore it seems to us clearly that gold seized was only 636.790 grams embedded with diamonds of 7.95 carats, which is below the limit prescribed by the CBDT, therefore, th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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