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| The Tax Publishers2020 TaxPub(DT) 1315 (Jp-Trib) : (2020) 182 ITD 0055 INCOME TAX ACT, 1961
Section 69C
Quantity of jewellery which was otherwise explained by assessee by producing the purchase bills as well as recorded in the books of account of the assessee and AO had not disputed said explanation, then quantity which was explained otherwise would not be treated as part of the quantity of reasonable possession as prescribed under CBDT Instruction No. 1916, dated 11-5-1994.
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Income from undisclosed sources - Addition under section 69C - Unexplained gold jewellery -
Assessee contended that AO erred in law as well as on facts and circumstances of case in making an addition of Rs. 9,76,895 on account of unexplained jewellery found at time of search. CIT(A) sustaining sum of Rs. 4,57,404 out of same. ' Held: Quantity of jewellery which was otherwise explained by assessee by producing the purchase bills as well as recorded in the books of account of the assessee and AO had not disputed said explanation, then quantity which was explained otherwise would not be treated as part of the quantity of reasonable possession as prescribed under CBDT Instruction No. 1916, dated 11-5-1994. Therefore, benefit of CBDT Instruction No. 1916, dated 11-5-1994 will not take away the benefit of the explained jewellery acquired by the assessee. Further, there was no error or illegality to the extent of value of said jewellery accepted by CIT(A).
REFERRED :
FAVOUR : Partly in assessee's favour
A.Y. :
IN THE ITAT, JAIPUR BENCH
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