No Addition against Individual family Member, for Gold/ Silver Belonging to Entire Family

Shri Pankaj Ladha Vs DCIT (ITAT Jaipur) The issue under consideration is whether the addition can be made against an individual member of the family, even if the that gold in possession belongs to entire family? In the present case, during the search operations, jewellery including gold and silver items, silver coins, etc. were found in the locker being operated by Smt. Savitri Devi, mother of the assessee and inventoried by the Income Tax Department. When the assessee was asked for the source of jewelry found, it was stated that the impugned jewellery belongs to the family members and also su...