Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (5) TMI 442 - AT - Income TaxAddition u/s 69B - search action u/s 132 - unaccounted 5 paintings, Branded watches & 14 items of house-hold items & Melectronic goods ie TVs, Music Systems, ACs etc. - Held that:- AO has not borrowed any experts opinion on the extent of additions made. He has not even bothered to refer the matter to the DVO for obtaining the value of the paintings, branded watches and branded electronic goods but simply picked up figure from the air without any basis. He should have employed his ITI at least to gather the market value from any branded shops before resorting to adhocism. Thus this kind of absurd assessment of value of impugned items is not appreciable and therefore, this kind of valuation is absolutely uncalled for and unwarranted in this kind of cases. Regarding the other issue of availability of explainable sources perusuing the cash withdrawals of self and other family members for the year are in the range of Rs. 35.13 lacs. The expenses / investment in question does not only belong to the self but also to the entire family members of the assessee, whose withdrawals for the past ten years were of Rs. 68.08 lacs, which is an undisputed fact. It is also not the case of the AO that the assessee has unaccounted sources of income. Thus the onus is on the Revenue to prove that the assessee has unaccounted sources of income and the withdrawals of Rs. 68.08 lacs were not spent for the impugned movable assets, valued at Rs. 18.75 lacs - grounds raised by the Revenue are dismissed.
|