Explained Jewellery will not form part of Jewellery allowed by CBDT Circular

N. Roja Vs ACIT (ITAT Cuttack) We find that the AO made addition on account of unexplained investment in gold and jewellery of 2417.290 grams as found and seized during the course of search in the residential premises and the Locker No.75/4 & 145/2 of the assessee at Indian Overseas Bank, Rayagada. During the course of assessment proceedings the AO considered 1500 grams of gold jewllery and bullion to be acquired out of explained sources and made addition of remaining 917.29 grams valuing at Rs.25,26,438/- treating the same as acquired out of the unaccounted source of income and added the ...