Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (10) TMI 582 - HC - Income TaxIncome disclosed under Voluntary Disclosure of income Scheme 1997 - invocation of section 69A – Failure to justify source of investment – Held that:- Tribunal was rightly of the view that where the assessee has failed to offer an explanation about the nature and source of acquisition of the items of jewellery in financial year 1986-87, statutory presumption provided u/s 69A of the Act comes into play and the value of the jewellery is deemed to be income of the assessee for the financial year 1997- 98 – following the decision in CIT vs. Prem Pal [2010 (12) TMI 108 - Punjab and Haryana High Court] - the AO was justified in initiating the proceedings for reassessment u/s 148 of the Act and holding that the valuables found were liable to be added to the income of the assessee for the AY 1998-99 in the absence of valid explanation - since the assessee failed to explain the nature and source of acquisition of the items of jewellery in the financial year 1986-87, presumption u/s 69A of the Act came into play and the value of the jewellery was deemed to be income of the assessee for the AY 1998-99 in which the assessee was found to be in possession of the items of jewellery- the order of the Tribunal is upheld as no substantial question of law arises for consideration – Decided against assessee.
|