TMI Blog2019 (7) TMI 1327X X X X Extracts X X X X X X X X Extracts X X X X ..... e only entry on facts for the High Court [ 2006 (1) TMI 120 - MADHYA PRADESH HIGH COURT] exercising its appellate jurisdiction under Section 260-A of the Income Tax Act, 1961. Having heard learned counsel for both the parties, we are clearly of the view that the High Court ought not to have interfered with the Appellate Tribunal s Judgment as no substantial question of law arose therefrom. - CIVIL APPEAL NO. 1161 OF 2007 - - - Dated:- 9-7-2019 - HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN And HON'BLE MR. JUSTICE SANJIV KHANNA For the Appellant : Mr. Akshat Shrivastava, Adv. Ms. Pooja Shrivastava, Adv. Ms. Manjeet Kirpal, AOR For the Respondent : Mr. Vikramjit Banerjee, ASG. Mr. K. Radhakrishnan, Sr. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed the credit of this much of foreign currency brought to India. He has simply allowed the credit of 10,000$ per visit till June, 1995 and thereafter 2500$ without bringing anything on record that the assessee did not bring the foreign currency shown in the exchange vouchers to India at the time of his visit whereas a visitor to India is required to surrender the declaration form before the customs authorities at the time of his departure from India if he wishes to carry any unutilised foreign currency with himself. In these circumstances, the possibility that the assessee might have brought some foreign currency alongwith himself while leaving India and for which he had surrendered the declaration forms to the customs authorities, is not r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... considered to have been brought in India, a credit of 2,36,000$ should also be given against the so called deposited dollars. If the credits of the aforesaid foreign currency is given, there would be excess balance of $1,43,266 with the assessee which was utilised and brought back by him at the time of departure from India and for these reasons the declarations form of certain dollars were not available with the assessee as the same were required to be produced before the customs authorities at the time of departure. Besides, our attention was also invited to the fact that the pounds brought to India by the assessee were either retained by the assessee or utilised by him and none else. 14. We have carefully examined the details ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lternative argument of the assessee that for violation of FERA, assessee may be penalised in that act but the fact that assesseee brought the foreign currency in India and retained it for a longer period cannot be ignored while determining the unexplained deposit of dollars. We, thereafter, delete the addition made on account of unexplained deposit of dollars. The impugned judgment has added as unexplained income a sum of ₹ 1.03 crores, as aforesaid, basically on the ground that the assessee has been unable to present declaration forms that had been filled in by him at the time of his visits to India from abroad. Keeping in mind the fact that these declaration forms were asked for long after such expenditure ha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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