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2013 (7) TMI 202 - HC - Income TaxUnexplained investment - borrowing from son-in-law - Proof of salary and possession of jewellery and the sale of it - Held that:- the assessee was stated to be working as a Teacher in International Maritime Academy from the financial year 2001-02 to 2005-06. Although the assessee was called upon to produce bill regarding salary and other details, except photocopies of Form 16, no materials were furnished. Apart from this fact, the claim of the assessee that part of the consideration came from the sale of jewellery also appear to be not true. Regarding money received from son-in-law - Held that:- It may be seen that one of the questions posed to the son-in-law was that whether a sum of Rs.15 lakhs was given as a loan, while originally he said no, immediately, he changed it and stated that it might be considered loan without interest. On a specific question whether the loan was returned by the assessee to Senthil Kumar, while stating that it was not returned, he continued that the assessee had returned the share of property and gifted it to her daughter. Thus, the reading of the statement shows the unreliability of the claim made by the assessee as regards the receipt of money from her son-in-law. No hesitation in holding that the assessee had not discharged the burden as regards the source from which the investment had been made. - Order of ITAT is not correct - Additions upheld - Decided in favor of revenue.
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