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2010 (5) TMI 499 - AT - Income TaxSearch and seizure - Undisclosed income - assessee made investments in LIC policies in the assessment year under appeal in her name and in the name of her husband - According to the award all the LIC policies have been given to the assessee of Rs. 20,00,000/- which were already purchased prior to the arbitration agreement and the award - Held that: - The story set up by assessee that this amount was invested by the brother of the assessee after settlement through arbitration award is clearly afterthought and against all human probabilities. The contention of the assessee thus cannot be accepted. It is also unnatural conduct of the assessee and her brother that despite their father expired in September, 1993, the assessee and her brother suddenly awake up after expiry of around 10 years in 2003 for making reference for arbitration. The conduct of the assessee and her brother speak against themselves. The assessee has thus failed to explain the source of investments in purchase of LIC policies and amount received of Rs. 4,51,000/-. No earning of agricultural income is also proved. The alternate contention of the assessee has also no merit because the assessee has not disclosed any agricultural income in the assessment year under appeal. In the absence of any evidence of earning of agricultural income, the alternate contention of the learned Counsel for the assessee cannot be accepted. - Addition made by AO confirmed.
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