9911796707
TMI Blog2024 (1) TMI 354X X X X Extracts X X X X X X X X Extracts X X X X ..... d at the time of search, the addition has been made. Thus we are of the view that the provisions of section 69A will not be attracted as the explanation offered by the assessee regarding the source of investment in the wrist watches, by no means, can be considered to be unsatisfactory. On the contrary, the explanation offered by the assessee appears to be plausible. Thus, in our view, the addition made under section 69A of the Act is unsustainable. While coming to such conclusion, we have drawn support from the decision of the Coordinate Bench in case of ACIT Vs. Gurnam Arora [ 2016 (4) TMI 249 - ITAT DELHI] . Accordingly, we delete the addition. Grounds are allowed. - Shri Saktijit Dey, Vice-President And Shri Pradip Kumar Kedia, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of investment in such watches, such as, invoices, mode of payments etc. are not available. However, to prove the availability of fund, the assessee furnished cash flow statement and details of credit card transactions made from assessment years 2013-14 to 2019-20 aggregating to Rs. 2,53,32,395/-. It was submitted by the assessee that since the assessee had sufficient fund available with him, being a member of a highly reputed and renowned family, neither the holding of such watches, nor the capacity to invest in them can be doubted. The Assessing Officer, however, was not convinced with the submission of the assessee. Alleging that the assessee failed to furnish proper evidence, such as, bills/vouchers, the Assessing Officer treated the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ibed anything about the make and year of manufacture of the watches. He has simply valued them at round figures. It is also a fact that in course of search and seizure operation, no bills/invoices or even warranty cards relating to these wrist watches were found. That being the factual position, it cannot be said with certainty that the watches were purchased in the previous year relevant to the impugned assessment year. This is so because, the assessee has consistently taken a stand before the departmental authorities that the watches were purchased over a period of time prior to the block period, hence, neither any bills/invoices are available nor even the credit card statements, through which payments have been made, are available. 7. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7 40,03,190 2,42,33,561 1,31,50,567 2017-18 27,09,000 1,62,97,378 3,10,06,856 2018-19 51,23,780 75,14,352 3,87,56,201 2019-20 1,82,640 3,16,64,508 1,72,80,706 Total 1,63,94,420 13,16,21,083 25,11,85,115 8. Credit card expenses incurred by the assessee in different assessment years, are as under: Asst. Year Credit Card Expenses (In Rs. ) 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
