No addition u/s 69B as seized quantity of jewellery was under the Limit prescribed by Circular No. 1916

DCIT Vs Suresh Kanaji (ITAT Bangalore)

Conclusion: Addition made under Section 69B concerning seized jewellery was deleted as gold jewellery found during a search at the residence of the taxpayer was within the permissible limits prescribed by CBDT Circular No. 1916, and therefore, could not be treated as an unexplained investment.

Held: Assessee was a Bangalore-based contractor, whose residence was searched by Income Tax authorities. During the search, officials discovered 1,724.82 grams of gold jewellery, out of which 612.86 grams were s

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