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2024 (1) TMI 843 - AT - Income TaxAddition u/s 69 - unexplained investment - investment not recorded in the books of accounts and taxed the same as Income u/s 115BBE - Burden to prove - HELD THAT:- When the applicability of provision of section 69 was not accepted by the ld. CIT (A), then in that eventuality the normal business income cannot be taxed by the revenue without bringing on record the independent corroborative evidences in support of the addition. In this regard our attention was drawn to the decision of Naresh Khatter HUF [2003 (1) TMI 77 - DELHI HIGH COURT] wherein it was categorically held that burden to establish that an investment has been made, onus is on the revenue. As we find that in the facts of the present case the revenue has not brought anything on record either direct, indirect or indirect corroborative evidence in support of the additions made by them. Thus, we are of the view that when no evidence has been brought on record to substantiate the allegation that the investment is from unexplained sources and rather as per the assessment order passed by the AO, the same has been considered as an expenditure. Therefore, no addition could have been made in the absence of an independent, corroborative evidence. Even otherwise, as held by Hon’ble Delhi High Court (supra) that section 292B of the Act cannot save an order not passed in accordance with the provisions of the Act. We, therefore, find no force in the order of the ld. CIT (A) and the same is quashed. The addition is deleted. Appeal of the assessee is allowed.
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