Addition upto limit of gold jewellery/ ornaments allowed as per CBDT Circular dated 11th May 1994 is unsustainable

Shakun Devi Vs JCIT (ITAT Allahabad) ITAT Allahabad held that allowable limit as CBDT circular dated 11th May 1994 is the gold jewellery and ornaments to the extent of 500 grams per married lady, 250 grams per unmarried lady and 100 grams per male member of the family. Accordingly, no addition to that extent on account of unexplained investment in jewellery can be sustained. Facts- During the course of search and seizure action at the resident / business premises of the assessee, gold jewellery weighting 1,796 grams was found. This was the year of search therefore, regular assessment was frame...