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TMI Blog2013 (12) TMI 723X X X X Extracts X X X X X X X X Extracts X X X X ..... he Appellant : Sc,A. N. Mahajan,B. Agrawal ORDER This is the Department's appeal under section 260-A of the Income Tax Act, 1961 challenging the order of the Income Tax Appellate Tribunal dated 5.4.2005 in I.T.A. No. 2966/Del/2002 for the assessment year 1995-96. On 8.5.2009, the appeal was admitted on the following questions of law as framed in the memo of appeal: "1. Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is justified in law in deleting the addition of Rs. 70,02,178/- made u/s 69-A of the Act ignoring the fact that the assessee failed to discharge the burden which lay on assessee when she claimed that the purchased shares on credit from different 207 persons for Rs.91,37,900 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sclosing the names from whom she had purchased the shares. It was further held that the A.O. had proceeded to make the addition of Rs. 91,37,900/- under section 69A of the Income Tax Act though burden of proof of the assessee stood discharged. It was in the context of the specific provisions of section 69A that the CIT (A) held that since the entire transaction had already been entered in the books of account which could have easily been verified by the A.O., therefore, the initial burden which lay on the assessee stood discharged. The CIT (A), therefore, allowed the appeal of the assessee. Aggrieved the Department approached the Income Tax Appellate Tribunal. The Tribunal has also in paragraph 6 of its order recorded a clear finding of f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer, satisfactory, the money and the value of the bullion, jewellery or other valuable article may be deemed to be the income of the assessee for such financial year." The provisions of Section 69-A are explicit and come into play when in a particular assessment year the assessee is found to be the owner of any money, bullion, jewellery or other valuable article and such money bullion, jewellery and other article is not recorded in the books of account and the assessee is unable to give any explanation about the nature and source of acquisition of the money, bullion, jewellery or other valuable articles. In the present case the finding of fact are clearly against the Revenue that the details and other evidences in the nature of cheq ..... X X X X Extracts X X X X X X X X Extracts X X X X
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