Jewellery as per CBDT Circular No. 1916 is in addition to the Jewellery which is duly supported by Bills, Voucher & explanations: Interesting observation by Jaipur ITAT

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Jewellery as per CBDT Circular No. 1916 is in addition to the Jewellery which is duly supported by Bills, Voucher & explanations: Interesting observation by Jaipur ITAT
THE KEY OBSERVATION BY ITAT WAS AS UNDER :
“The said CBDT Instruction No. 1916 allowing the specific quantity as reasonable and need not to be explained, does not include the  jewellery which is otherwise explained by proof of documents of  acquisition as well as declared/ recorded in the books of account of the assessee. Hence, the quantity of jewellery which is otherwise explained  by the assessee by producing the purchase bills as well as recorded in the  books of account of the assessee and the AO had not disputed the said  explanation then the quantity which is explained otherwise by producing the purchase bills and books of account would not be treated as part of the  quantity of reasonable possession as prescribed under the said CBDT  Instruction No. 1916 dated 11-05-1994. Therefore, the benefit of CBDT Instruction No. 1916 dated 11-05-1994 will not take away the benefit of  the explained jewellery acquired by the assessee”.
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