Case Law Details
Smt. Archana Agrawal Vs DCIT (ITAT Indore)
During the course of search gold jewellery was found and seized from the residence and bank locker owned by the assessee. Gold jewellery weighing 2027 gram was found (1127 gram from residence and 900 gram from locker No.12/29). The assessee was unable to explain the source of the gold jewellery for which addition was made. Against the addition for unexplained gold jewellery assessee preferred appeal before Ld.CIT(A) who keeping in view the CBDT Instruction No.1916 dated 11.5.1994 gave the benefit of 800 gram of gold jewellery treating it to be belong to the assessee, her husband and two sons comprising of 500 gram for lady assessee, 100 gram each for three males.
Now the assessee is in appeal challenging the remaining amount of addition for 1227 grams of gold jewellery. Ld. Counsel for the assessee pleaded casually submitted that the assessee belongs to a rich family and such acquisition of gold jewellery are quite reasonable in such families. However we are not inclined to give any benefit to this contention of Ld. Counsel for the assessee as it was not supported by any facts, evidences or any other details which could prove the source of the unexplained gold jewellery. We therefore in the given facts and circumstances of the case are of the considered view that the Ld.CIT(A) has rightly sustained the addition of unexplained gold jewellery of 1127 grams and the same needs to be confirmed. In the result Ground No.1 raised by the assessee stands dismissed.
FULL TEXT OF THE ITAT JUDGEMENT
The above captioned bunch of three appeals filed at the instance of assessee pertaining to Assessment Year 2008-09, 2011-12 and 2012-13 are directed against the orders of Ld. Commissioner of Income Tax (Appeals)-3 (in short ‘Ld.CIT(A)’], Bhopal dated 21.04.2-017 which are arising out of the order u/s 153A r.w.s. 143(3) of the Income Tax Act 1961 (In short the ‘Act’) dated 19.02.2014 framed by DCIT (Central), Bhopal.
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