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TMI Blog2019 (7) TMI 1327X X X X Extracts X X X X X X X X Extracts X X X X ..... e impugned judgment dated 25.01.2006, set aside the reasoned order of the Appellate Tribunal, in which the Appellate Tribunal, after looking at the exchange vouchers and other evidence produced by the assessee, held that the entire sum of $7,55,534 is explained, as a result of which, the sum of $3,14,534 equivalent to Rs. 1,03,49,720 could not be held to be unexplained deposits. The Appellate Tribunal insofar as this aspect of the matter is concerned held as follows: "13. With regard to that foreign currency, shown to have been brought in India by the assessee, for which no declaration forms were available, we have perused the foreign currency exchange vouchers and find that these exchange vouchers were issued few days prior to the date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Since the assessee has earned the foreign currency outside India, which is not chargeable to tax in India, the same should not be viewed with an evil eye whenever it is being brought to India through lawful means. The learned counsel for the assessee has prepared complete details of the foreign currency which was brought to India on different occasions in the forms of cash and travellers cheques appearing at page nos. 308 and 309. The details given in the chart are not objected to by the revenue. It is obvious from the details given at pages 294, 308, 309 and 310 that 7,55,534$ were deposited in the banks and invested in FDRs. While working out the unexplained deposits, the AO has only given a credit of 4,41,000$ and treated $3,14,534 whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e deposit in bank nor did he bring that much of foreign currency which was shown in the exchange vouchers but was not supported by the declaration forms, the stand of the assessee is acceptable to us. More so, when there is no iota of evidence with regard to the utilisation of dollars brought by the assessee between 25.10.1982 to 2.12.1982 due credit of (2,21,800$ + 2,36,000$ = 4,57,800$) should have been given while determining the unexplained deposits of dollars. 15. Keeping in view the totality of the facts and circumstances of the case we are of the considered opinion that the assessee has brought $9,08,800 besides pounds out of which he has deposited $7,55,534 in his NRE accounts. Out of this deposit, assessee invested $40,575 in FD ..... X X X X Extracts X X X X X X X X Extracts X X X X
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