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2022 (8) TMI 247 - Income Tax
Unexplained investment u/s 69 - investment in Mutual Fund unexplained - HELD THAT:- The proceeds of FD maturity was transferred to assessee wife bank account and from there an amount of Rs. 85 lakh was transferred to the assessee bank account and accordingly investment was made in the unit of mutual fund of different banks for an amount aggregating to 80 Lakh. The explanation of the assessee was rejected by the CIT (A) for the reason that it was not established that investment was made out of foreign remittance.
We have perused the paper book submitted by the assessee where FD maturity advice along bank statement of assessee’s wife Smt. Meena Nausik Desai - Form perusal of the document we find there several deposit were matured during F.Y. 2009-10 and maturity amount were credited in the bank account of Smt. Meena Nausik Desai. All these deposit were created during F.Y. 2007-08 and 2008-09 in USD.
We further find an amount of Rs. 50 Lakh and 35 Lakh were transferred from bank account of Smt. Meena Nausik Desai to the assessee bank as on 02-12-2010 and 24-12-2010 respectively. From the above documentary evidences there remains no doubt with regard to sources of fund in the hand of the assessee which were utilized in making investment in mutual fund. Thus we are of the considered view that the assessee has sufficiently discharged the obligation cast under 69 by explaining the nature of investment and sources of fund. Therefore, we hereby set aside the order of the CIT(A) and direct the assessee to delete the addition of Rs. 80 Lakh made under section 69 - Decided in favour of assessee.