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2022 (11) TMI 420 - AT - Income TaxUndisclosed income - addition was based on the sworn statement recorded from the assessee's brother u/s.132(4) - assessee submitted that no amount was paid by way of demand draft and the addition was based on total misconception of facts - HELD THAT:- As besides cash payment there was no other unaccounted payment by the assessee or his brother. There was no payment through demand drafts. The payment through Cheques, as already noted, was duly accounted for and there is no allegation that the same were sourced out of unaccounted sources. Therefore, impugned order could not be faulted with. The impugned additions have rightly been deleted by Ld. CIT(A) in the impugned order. The appeal stands dismissed. Unexplained investment in Jewellery - As seen that AO has granted concession as per CBDT Instruction No.1916 dated 11.05.1994 but it failed to give applicable concession for minor son and daughter. If further quantities for minor son and daughter are considered, nothing would remain to be added since the quantity of jewellery fall within the permissible limits. Another fact to be noted is that the assessee has also discharged the onus of establishing the source of jewellery. Accordingly, the impugned additions have rightly been deleted by Ld. CIT(A). The ground raised by the revenue stand dismissed.
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