TMI Blog1998 (8) TMI 121X X X X Extracts X X X X X X X X Extracts X X X X ..... er was not justified in considering the amount of opening capital as the assessee's income by invoking the provisions of section 69A, because there is no evidence on record that the assessee had become the owner of the capital during the financial year relevant to assessment year 1988-89. Explaining the provisions of section 69A the assessee's counsel submitted that the requirements of the section are that first it has to be proved that the assessee had become the owner of any money, bullion, jewellery, or any other valuable article during a particular financial year which is not recorded in the Book; and second is that the assessee offers no explanation about the nature and source of the acquisition of such articles or money, bullion, jewe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the books of account, which is not the case here because the assessee has duly shown the opening capital as well as the loans and advances come out of that in his Statement of Affairs. Concluding in the last, the assessee's counsel submitted that the revenue should have either accepted the assessee's Statement of Affairs since 31st March, 1983 or should not have accepted any one of them and in both the eventualities, addition of opening capital could not be made, because if the revenue accepts the Statement of Affairs every year, which it was bound to accept under the law, there was no question of addition of opening capital as the assessee's income and in case the revenue disbelieves the Statement of Affairs then, it should have disbel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... we are of the opinion that the submission of the learned Departmental Representative that addition should be sustained under section 69 has no force because the provisions of sections 69 and 69A are quite different in the material respect, and the revenue cannot support its case on the plea that in case the addition cannot be sustained under section 69A, the same should be sustained under section 69 of the Income-tax Act. On the other hand, we are inclined to agree with the submission of the assessee's counsel that in view of the assessee's statement of affairs available with the revenue since 1982-83, the genuineness of the brought-forward capital cannot be doubted. Simply because the assessee's income became taxable in this year and the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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