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TMI Blog2023 (12) TMI 656X X X X Extracts X X X X X X X X Extracts X X X X ..... ture and source of acquisition of the said money etc., or the explanation offered by him is not satisfactory in the opinion of the Assessing Officer, the said money may be deemed to be the income of the assessee for such financial year. Admittedly, in the present case, the respondent/assessee is a Non-Resident Indian and his source of income in India being from interest on bank accounts and interest on income tax refund, he is not obliged to maintain any books of account in India. It appears to us prima facie that the expression if any specifically used in Section 69A of the Act amplifies that where books of account are not maintained, it would not be possible to invoke this provision. But as mentioned above, learned counsel for appell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wed. On advance notice, the assessee entered appearance through counsel. We heard learned counsel for both sides. 2. According to the appellant/revenue, this appeal raises for our consideration the following questions of law: A. Whether on the facts and in the circumstances of the case and in law, the Hon ble ITAT is justified in holding that Section 69A is not applicable to the present case? B. Whether on the facts and in the circumstances of the case and in law, the Hon ble ITAT is justified in deleting the addition of Rs. 1,32,25,533/- made by AO and affirmed by CIT(A) without appreciating that the source of credit entries of Rs. 1.32 crores remained unexplained? C. Whether on the facts and in the circumstances of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... addition made under Section 69A of the Act. The said appeal of the respondent/assessee was partly allowed by the Commissioner Income Tax (Appeals) vide order dated 31.12.2020, thereby deleting out of the impugned addition of Rs. 1,40,09,733/- the inter-bank transfer of Rs. 5,00,000/- and the income tax refund of Rs. 2,84,200/-. Against the said order of CIT(A), the respondent/assessee filed second appeal before the Income Tax Appellate Tribunal, which appeal was allowed by way of the impugned order, thereby deleting completely the addition made under Section 69A of the Act. Hence, the present appeal. 4. In the impugned order, the Tribunal took a view that the provision under Section 69A of the Act does not apply in the present case since ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orted the impugned order and contended that no substantial question of law arises for consideration of this court under Section 260A of the Act. 6. The provision under Section 69A of the Act basically deals with unexplained money etc. to be considered in the exercise of aggregation of income under Chapter VI of the Act. Section 69A of the Act lays down that where in any financial year, the assessee is found to be the owner of any money, bullion, jewellery or other valuable article and such money etc. is not recorded in the books of account, if any maintained by him for any source of income, and the assessee offers no explanation about the nature and source of acquisition of the said money etc., or the explanation offered by him is not sa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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