The Tribunal held that jewellery found during the course of search, if within the normal limits specified in Board Instruction No. 1961 dt. 11.5.1994, then the same cannot be taxed. (AY. 2014-15)
Ritu Bajaj (Smt.) v. Dy. CIT (2018) 63 ITR 594 (Delhi)(Trib.)
S. 69 :Unexplained investments – jewellery found during the course of search – Held, jewellery found was within the normal limits of jewellery specified under Board’s Circular, no addition justified.