No addition of unexplained jewellery as CBDT Instruction 1916 allows Jewellery Holding for other Family Members

Avinash Aradhya Vs DCIT (ITAT Bangalore) Conclusion: Addition made by AO on unexplained jewellery under section 69A was not justified as considering the amount of income declared by the family members of assessee and the family status, there was no gold available with assessee which could be termed as from unexplained source of income. Held: During the course of search of assessee’s bank lockers, gold weighing 5213.78 grams was found. Out of this, 1511.65 grams were seized by the search team because they were unexplained. Assessee submitted that gold jewelry was his wife’s and mother’s s...