22 October 2014
The instruction is vis-a-vis non seizure of jewellery to the extent mentioned but that does not absolve the assessee from burden of proof as regards the source. Honourable High Courts and ITAT in some cases have held that jewellery to the extent of 500 gms per married lady, 250 gms per unmarried lady and 100 gms per male member may be treated to be explained based on other facts of teh case i.e. custom prevalent in the family with regard to gifting of jewellery on the occasion of marriage, birth etc. Even if the jewellery is duly disclosed in the returns of wealth the source of acquisition has to be explained.
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