JAYASHRI SHRIKANT DESHMUKH,AURANGABAD vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE - 1, AURANGABAD, AURANGABAD

This is an appeal filed by the assessee directed against the order of ld. Commissioner of Income Tax (Appeals)-12, Pune [‘the CIT(A)’] dated 30.08.2022 for the assessment year 2019-20.

Briefly, the facts of the case are that the appellant is an individual deriving income under the head “salary”. He is working in CSMSS Ayurved Mahavidyalaya, Aurangabad. The Return of Income for the assessment year 2019-20 was filed on 29.07.2019 Rs.11,11,330/-. The search and seizure operations u/s 132 of the Income Tax Act, 1961 (‘the Act’) were conducted in the business and residential premises of the appellant on 21.08.2018. During the course of such search and seizure operations, a Locker bearing Locker No.51, SBI, Kanchanwadi, Aurangabad and Locker No.335, IDBI Bank, Samarthnagar, Aurangabad was found in the names of the assessee and her husband, Shri Shrikant Gunwantrao Deshmukh respectively and in the said Locker, Gold and Jewellery of 957.48 gms was found. Out of said gold, jewellery of 957.48 gms, the gold, jewellery of 850 gms was treated as explained by the Assessing Officer in terms of the CBDT Instruction 1961 dated 11.05.1994 and the value of gold, jewellery of 107.48 gms was treated as unexplained rejecting the explanation of the appellant that this gold, jewellery belongs to his HUF which is received on partition of Bigger HUF. It was further explained that the said gold, jewellery was acquired out of the agricultural income on the land belonging to Bigger HUF. 3. Being aggrieved by the above order of assessment, an appeal was filed before the ld. CIT(A), who vide impugned order confirmed the action of the Assessing Officer. 4. Being aggrieved, the appellant is in appeal before us in the present appeal.