ITAT confirms addition for gold jewellery after giving relief as per CBDT Circular

Smt. Archana Agrawal Vs DCIT (ITAT Indore) During the course of search gold jewellery was found and seized from the residence and bank locker owned by the assessee. Gold jewellery weighing 2027 gram was found (1127 gram from residence and 900 gram from locker No.12/29). The assessee was unable to explain the source of the gold jewellery for which addition was made. Against the addition for unexplained gold jewellery assessee preferred appeal before Ld.CIT(A) who keeping in view the CBDT Instruction No.1916 dated 11.5.1994 gave the benefit of 800 gram of gold jewellery treating it to be belong ...