The Tribunal held, that once the AO had found the explanation was reasonable, there was no case for making the addition in the hands of the assessee. \u00a0The Assessing Officer had accepted the explanation of the assessee that the gold jewellery and silver articles found in the premises of the assessee belonged to the assessee\u2019s wife and his mother and were inherited. \u00a0There was no case for making the addition in the hands of the assessee. \u00a0Merely because of non-furnishing of wealth-tax returns, the Assessing Officer could not make the addition in the hands of the assessee when it was explained to the Assessing Officer that the jewellery belonged to his wife and mother. \u00a0If at all the addition was required to be made it should be made in the hands of the right person duly initiating the proceedingS. The assessee had filed wealth-tax returns for the assessment years 2009-10 and 2010-11, which had been accepted by the Department without making any addition. \u00a0Therefore, there was no case for making the addition on account of gold and jewellery found during the course of search in the hands of the assessee. \u00a0(AY. \u00a02012-13, 2013-14).<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 69 : Unexplained investments\u2013Search and seizure\u2013Gold and silver ornaments-Found in premises of assessee belonging to assessee\u2019s wife and his mother \u2013 Gold and silver ornaments inherited-Addition cannot be made.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-8623","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2f5","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8623","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=8623"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8623\/revisions"}],"predecessor-version":[{"id":8624,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8623\/revisions\/8624"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=8623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=8623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=8623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}