CBDT instructions on seizure of jewellery and ornaments are discretionary

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 o...