During search at residential premises of assessee and his wife, jewellery of 2834.100 gms was found. Assessing Officer after allowing credit of 1300 gms on pro rata basis in light of CBDT Instruction no. 1916 dated 11-5-1994 on subject, made an addition of certain amount under section 69A on account of excess jewellery found. On appeal the Tribunal held that in view of decision in case of assessee’s wife in Preeti Singh v. Asstt. CIT(2023) 156 taxmann.com 485 (Delhi)(Trib) on similar facts, since assessee had shown sufficient income in his return for preceding years which showed wealthy status of assessee and jewellery was received on several occasions from relatives, excess jewellery was very much reasonable. Addition is deleted.(AY. 2021-22)
Chandra Pal. v. ACIT (2024) 204 ITD 194 (Delhi) (Trib.)
S. 69A : Unexplained money-Search-Jewellery-Status of family-Addition is deleted.[S. 132]
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