Diamond studded in Gold Jewellery eligible to be included in calculation of Limit as per CBDT instruction

Suresh Bansal Vs DCIT (ITAT Delhi)

Basing on the CBDT instruction No 1916 dated 11/5/1994 and while referring to the answer to question No. 10 in the statement of the assessee recorded at the time of search and seizure, Ld. AR submitted that out of the total gold of 590 g, learned Assessing Officer only attributed 1 g with a diamond therein to the possession of the assessee, while giving credit of 500 g to the assessee’s wife and hundred grams to the assessee, the assessee’s possession could be presumed

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