course of assessment proceeding, the assessee claimed benefit of
CBDT Instruction No. 1916 dated 11-05-1994 to the extent ... part of 850 gms. jewellery allowed as per CBDT Instruction No. 1916
dated 11-05-1994. The assessee challenged the action
that as per CBDT instructions no
1916 dated 11-05-1994, CBDT had clarified that even higher amount ... provided in CBDT instruction dated 11-05-1994. Our
attention was drawn to CBDT instructions no. 1916 dated
Income-tax, Central Circle Alwar [2020] 115
taxmann.com 241 has observed that the CBDT Instruction No. 1916
allows the specific quantity ... decisions of the Tribunal as well as the Instruction No 1916 of
the CBDT, we hold that the gold jewellery
order held
that the assessee cannot take shelter under circular 1916 issued by the
CBDT. The said finding of the learned ... assessee was not provided
with the benefit of circular 1916 issued by the CBDT in respect of gold
jewellery. Hence the ground
gold jewellery is a reasonable possession as per CBDT
Instruction No.1916 dt. 11.05.1994. Further he has purchased 588.672
gms of gold ... background, the ld. AR submitted that the
benefit of CBDT Instruction No. 1916 dt. 11.05.1994 is available to the
assessee in respect
assessee the benefit of 950 gms, as per the CBDT
Instruction No. 1916 dated 11.4.1994 on account of wife and
two children ... same
was allowable to the assessee as per the CBDT Instruction No.
1916, but however, sustained the balance addition made
Clause (i)
of the Instruction is reproduced here below:
CBDT Instruction 1916 dated 11-05-1994
"Instances of seizure of jewellery ... learned judges hearing the appeal held
that circular issued by the Central Board of Revenue, of the kind of
circular mentioned therein, would be binding
entire family and stands explained in view of CBDT Instructions
No.1916 dated 11th April, 1994 and, therefore, jewellery to the extent ... diamond. He has submitted that the
Instruction No. 1916 of the CBDT does not differentiate gold and diamond
jewellery
past 30 years.
10.8 It was further held that as per the CBDT guidelines for the 'seizure' of the
jewellery ... than the prescribed limit as per
clause (ii) of Board's Instruction no 1916 dated 11/05/1994) found during the
course of search
The Acit, Central Circle-1(2)., ... vs Pawan Satynarayan Jalan, Ahmedabad on 27 April, 2022
