Seized jewellery within limit prescribed by Circular No. 1916 cannot be treated as undisclosed

Bhaveshkumar Amulakhbhai Sonani Vs DCIT (ITAT Surat) ITAT Surat held that seized jewellery within the permissible limit prescribed by CBDT Circular No 1916 dated 11.05.1994 couldn’t be treated as undisclosed jewellery. Accordingly, addition u/s 69A of the Income Tax Act liable to be deleted. Facts- During the search action conducted at the above premises of assessee and other group members, various incriminating documents and evidences were seized. The case was selected for scrutiny, during assessment, AO noted that in conducting search action, gold jewellery of 738.69 grams having net weigh...