A married lady of reputed family is expected to own 500 gms of ornaments

Commissioner of Income Tax Vs Ghanshyam Das Johri (Allahabad High Court) Regarding the investment, it appears that the seized jewellery was claimed by three ladies namely Rupali Rastogi, Smt. Sunita Rastogi; and Smt. Kamni Rastogi. All the ladies belonged to the reputed families and they are married. As per the CBDT Circular discussed in the case of Smt. Pati Devi vs. ITO; 240 ITR 727 Karnatka 500gm, jewellery is expected in the possession of a married lady and that much of ornaments cannot be seized. If we go with the CBDT Circular dated 11.05.1994 and the ratio laid down in the case of Smt. ...