Addition for Jewellery within limits prescribed by CBDT circular not sustainable

Smt. Ritu Bajaj Vs. The Dy. C.I.T (ITAT Delhi) The assessee’s family consists of 5 members as described in the reply. The quantity of jewellery found in the possession of the assessee and his family members is 847 gms, whereas if the guidelines of the CBDT vide instruction 1961 dated 11.05.1994 as mentioned above are to be applied, the jewellery, that can be held by the assessee and his family members are as follows:- Particulars Age (in years) Amount of jewellery permitted as per Board’s Circular (in grams) Mr. Rakesh Kumar Bajaj 42 100 Mrs. Ritu Bajaj 40 500 Baby Khushi Bajaj 11...