Silver: Within limit of Instruction No. 1916 to be deleted

Silver: Within limit of Instruction No. 1916 to be deleted

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Silver: Within limit of Instruction No. 1916 to be deleted 

An interesting judgement was delivered by
ITAT Indore
In the case of
Rashmi Mujumdar IT(SS)Nos.227 to 232/Ind/2017 & ITA No.592/Ind/2017 dated 10.12.2018
The key observation was as under: 
“We find that Ld.CIT(A) has only given relief for the gold jewellery but did not accept the fact that in the Indian customs and traditions at the time of marriage silver utensils are also given to the bride.
 It is quite possible that the word silver utensils were not included in the CBDT instructions because at that point of time silver utensils were not coming under the category of capital assets.
 In our considered view Ld. CIT(A) ought to have taken a liberal approach by giving the benefit to the assessee for the value of gold jewellery and value of silver utensils held by her, within the monetary limit of value as on the date of search of the gold jewellery ornaments and permitted to be held, as provided in the CBDT Instruction No.1916 dated 11.5.1994.”

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