9911796707
TMI Blog2024 (8) TMI 345X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee in terms of CBDT Instruction. It is common knowledge that a married daughter do at times, keep her jewellery and other belongings at the maternal place to safeguard and protect her interest. It is thus the case of the assessee that the entire jewellery is explained. On being inquired by the bench, assessee fairly submitted that once the credit for jewellery relatable to married daughter namely, Priya Sethi is given in terms of CBDT Instruction to the extent of 500 gms, the grievance of the assessee would be broadly redressed and therefore, urged for granting relief to the extent of 500 gms without any riders. In respect of remaining 103.97 gms, in order to avoid the protracted allegation, circumstances has given the concession to treat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount all evidences as may be placed and pass speaking order in this regard. Ground No.2 of the appeal of the assessee is allowed for statistical purposes. - SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER AND SHRI SUDHIR KUMAR, JUDICIAL MEMBER For the Applicant by: Shri P.K. Mishra, Chartered Accountant Shri Neeraj Jain, Chartered Accountant For the Respondent by: Shri Sanjay Pandey, CIT-DR ORDER PER PRADIP KUMAR KEDIA - A.M.: The captioned appeal has been filed by the assessee against the order of the Commissioner of Income Tax (Appeals)-31, New Delhi ( CIT(A) in short) dated 24.09.2021 arising from the assessment order dated 31.12.2019 passed by the Assessing Officer (AO) under Section 143(3) of the Income Tax Act, 1961 (the Act) concerning ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erence to jewellery additions made by AO, the ld. counsel submitted that jewellery found in the course of search at the residence of the assessee weighed 1903.97 gms for which the value was assigned at Rs. 70,00,582/-; Jewellery weighing 1009.378 gms were seized for which the value was assigned at Rs. 31,65,912/-. The ld. counsel submitted that the family of the assessee comprises of the assessee, his wife, two sons and his mother. Out of total jewellery, 1903.97 gms found in the course of search, the CIT(A) has granted relief to the extent of 1300 gms as attributable to Wife-Smt. Sharda Rani Sethi - 500 gms; Assessee-Mr. Prem Prakash Sethi - 100 gms; son-Shri Ishan Sethi - 100 gms; son-Aryan Sethi - 100 gms; Mother-Pushpa Sethi - 500 gms. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome Tax Return for the A.Y. 2001 -02 wherein jewellery of 650 gms belonging to the assessee was declared. The ld. counsel for the assessee likewise referred to wealth tax computation of wife Mrs. Sharda Rani Sethi for A.Y. 2004-05 annexed to the return income for A.Y. 2004-05 wherein jewellery of 1460 gms belonging to the wife of the assessee was declared. The ld. counsel thus submitted that it is a matter of record that jewellery aggregating to 2110 gms was available with the assessee along with his wife out of which a part was handed over to the daughter at the time of marriage. Such jewellery, in turn, was kept back with the assessee (father) and such conduct resonates with the ordinary customs of the Indian society. The ld. counsel th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llate order and submitted the explanation offered by the assessee are vague and without corroborations. Adverting to additions of jewellery, the ld. DR for the Revenue submits that maximum possible relief has been given to the CIT(A) in terms of benevolent CBDT Instruction. However, it is farfetched to say that jewellery of married daughter is kept with the assessee, such explanation is difficult to appreciate. The CIT(A) has rightly thus denied relief on this count. The ld. DR thus relied upon observations and findings of the First Appellate Authority. Adverting to unexplained cash contested on behalf of the assessee, the ld. DR pointed out that the CIT(A) has applied his mind to the factual matrix and declined to entertain the farfetched ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion to the extent of 500 gms, the grievance of the assessee would be broadly redressed and therefore, urged for granting relief to the extent of 500 gms without any riders. In respect of remaining 103.97 gms, in order to avoid the protracted allegation, the ld. counsel under the circumstances has given the concession to treat the 103.97 gms as unexplained jewellery. The ld. counsel further hastens to add that no adverse inference however shown drawn for 103.97 gms in penalty proceedings etc. Such concession is being given to bring an end to ongoing litigation. 11. We find traction in the aforesaid plea raised on behalf of the assessee. We are convinced with the assertions raised on behalf of the assessee that jewellery are, at times, kept ..... X X X X Extracts X X X X X X X X Extracts X X X X
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