CBDT Instruction No. 1916 will not take away the benefit of explained jewellery

Ram Prakash Mahawar Vs DCIT (ITAT Jaipur); ITA No. 918/JP/2019; Date-20/02/2020; A.Y 016-17 An important practical judgement pronounced on Jewellery Held By the Assessee Issue Covered: Whether the benefit of CBDT Instruction No. 1916 dated 11-05-1994 is available to the assessee in respect of jewellery received by various family members on the occasions of marriages and other social & customary occasions. Whether the prescribed quantity is a presumptively allowed quantity. Facts of the Case: The assessee is an individual and derives income from salary and other sources. Se...