No addition for jewellery found within CBDT circular prescribed limit

Shri Ashok Jain Vs ACIT (ITAT Mumbai) In the present case the assessee has not filed any wealth tax returns. The Hon’ble Rajasthan High Court in the case of Satya Narain Patni (supra) noted that the jewellery found during the search was within the limits prescribed by the CBDT circular and in the first instance, the jewellery were not seized, and it was held that no addition thereafter was justifiable. In fact the CBDT circular dated 11.05.1994 (supra) specifically contains para (ii), which prescribes that in the case of wealth tax assessees gold jewellery and ornaments found in excess o...