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2017 (5) TMI 1156 - AT - Income TaxUnexplained cash credit - Held that:- As rightly held by the Ld. CIT(A) that the assessee has discharged her onus in respect of amounts received from her husband and Mr. Rajesh Gautam. However, in respect of Ms. Sonia Bassi no confirmation has been filed. Therefore it cannot be said that the assessee has discharged her preliminary onus on this entry. Considering all the factors, we are of the considered view that Ld. CIT(A)’s action in confirming the addition of ₹ 18 lacs was relating to Ms. Sonia Bassi as unexplained since no confirmation has been filed either at the assessment stage or at the appeal stage. The balance addition made under this head was rightly deleted, which does not need any interference on our part, hence, we uphold the action of the Ld. CIT(A) on the addition in dispute and dismiss the ground no. 1 raised by the Revenue. Unexplained investment in jewellery - Held that:- Even in the absence of documentary evidences it cannot be completely denied that there could be increase in the value of the jewellery held by the assessee due to appreciation in the price of gold. The standard gold rate was ₹ 12,280/- for 10 gms of 24 carat gold as on 31.03.2008 which, had increased to ₹ 15,105/- for 10 gms of24 carat gold. Thus there is increase in the price of gold during the financial year 2009-10 by about ₹ 2,825/- which comes to 23% on the price prevailing as on 01.04.2008. However, the assessee has shown increase in the total value of jewellery by almost 42% (Rs.3,70,121 ÷ ₹ 89,40,67 x 100) which definitely is on the higher side. Further, the assessee has failed to submit any documents in this regard. The AO also does not seems to have taken up assessment of Wealth Tax of the appellant. In this background, Ld. CIT(A) has rightly held that the addition is restricted to ₹ 1,50,000/- and the balance is deleted and directly the AO to restrict the addition on this issue to ₹ 1,50,000/- only, which which does not need any interference on our part, hence, we uphold the action of the Ld. CIT(A) on the addition in dispute and accordingly, the dismiss the ground no. 2 raised by the Revenue Unaccounted income - Held that:- The confirmations bear PAN of the lenders. The transactions have been routed through banking channels. In this background Ld. CIT(A) has rightly observed that the AO is required to proceed against the lenders if they were found to be without adequate source justifying the loans. During the assessment proceedings very little has been done by the AO to transfer the onus back to the assessee if he was not satisfied with any matter. There are no evidences to show that he wanted to assessee to lead further evidences to satisfy any of his doubts. In this background the Ld. CIT(A) has rightly deleted the addition of ₹ 1,28,89,000/- made as unaccounted income of the assessee, which does not need any interference on our part - Decided against revenue
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