Case Law Details
Shri Keshav Lila Vs. ACIT (ITAT Indore)
CBDT instructions which in our view provides a guideline to the search conducting team that no seizure should be made of the jewellery and ornaments found during the course of search proceedings u/s 132 of the Act, if the same have been duly declared in the wealth tax returns filed by the tax payer or where such ornaments are within the prescribed limits of 500, 250 or 100 grams as stated in the said
Now turning towards the facts of the present appeal we find that out of total seized jewellery of Rs. 22,65,625/- (being the value of seized jewellery as on the date of search), we find that the assessee has been successful enough to explain the jewellery worth Rs. 17,59,500/- on account of following;
(i) Diamond jewellery belonging to assessee’s wife purchased in 1993 for Rs. 2,16,000/- (duly shown in the balance sheet) which values at Rs. 10,77,000/- as on date of search.
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