9911796707
TMI Blog2017 (11) TMI 2001X X X X Extracts X X X X X X X X Extracts X X X X ..... ewellery amounting to Rs.8,93,760/- was found from the assessee at the Locker No.520, Bank of India, Patparganj, New Delhi. Since the assessee could not explain the source of investment in the jewellery, the Assessing Officer made addition of Rs.8,93,760/- to the total income of the assessee as his undisclosed investment in jewellery. 3. Before the ld. CIT(A), the assessee submitted that the Gold Jewellery of 313.600 grams (Net Weight) was found at Locker No.520, Bank of India, Patparganj, Delhi. This jewellery was valued at the rate applicable at the time of search. However, the said jewellery was received by the assessee at the time of his marriage on 20.01.2007. It was further submitted that the assessee got married in the year 2007 and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. That upon the facts and circumstances of the case, the Ld. Assessing Officer is not justified to compute the total income at Rs.17,05,610/- against income of Rs.8,11,850/- shown in the return which is arbitrary, illegal, and bad in law and based on the surmises and conjecture totally disregarding the facts of the case. 3. Your appellant craves leaves to add, alter, amend, forgot if any of the grounds of appeal at the time of hearing, if required." 6. I have considered the rival arguments made by both the sides and perused the orders of the authorities below. It is an admitted fact that during the course of search, jewellery (Net Weight) 313.600 grams was found at Locker no.520, Bank of India, Patparganj, Delhi. Since the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore, in my view, the ld. CIT(A) should not have insisted for Wealth Tax Return or bills and vouchers to explain the source of such investment in jewellery and should have deleted the addition made by the Assessing Officer. Although the above circular is for non-seizure of gold jewellery etc. however, various Courts and the Co-ordinate Benches of the Tribunal are taking a liberal view on the basis of this circular and are allowing credit for such gold/jewellery as explained. In this view of the matter, I set aside the order of the ld. CIT(A) and direct the Assessing Officer to delete the addition. The grounds raised by the assessee are accordingly allowed. 7. In the result, the appeal filed by the assessee is allowed. Order pronounced in t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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