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2020 (2) TMI 150 - AT - Income TaxAddition on account of unexplained paintings - documentary evidences furnished by the assessee in support of acquisition of paintings - HELD THAT:- Restore the matter back to the file of Ld. AO and direct him to re-appreciate the evidences furnished by the assessee in the light of adjudication rendered by us in the case of Ms. Kavita Singh [2017 (12) TMI 581 - ITAT MUMBAI] with a direction to the assessee to substantiate his stand, in this regard. The Ld. CIT(A) has observed that many of the paintings were not reflected as part of stock-in-trade of the assessee. However, we find that the assessee has been saddled with addition on account of unexplained paintings on aggregate basis for various group entities and therefore, in such a case, few of the paintings would not be reflecting in the stock-in-trade held by the assessee. With these observations, the matter stand remitted back to the file of Ld. AO as aforesaid. - Decided in favour of assessee for statistical purposes.
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