Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (4) TMI 1054 - AT - Income TaxAcquisition of foreign currency from undisclosed sources - addition u/s 69A - Held that:- The assessee has given an initial explanation and he himself abandoned this explanation later and came out with an altogether different theory. Applying the dictum ‘falsus in uno. Johns in omnibus’, even subsequent explanation does not have any credence. Thus the explanation of the assessee with respect to receipt of gifts of US $ 22,000 does not deserve to be accepted. Referring to assessee's contention that explanation has been accepted by the Dy Director in Enforcement Directorate, and accordingly, the said foreign exchange is treated as explained, we have very carefully perused the said order and we are not persuaded by the reasoning or approach adopted in the I said order. It is not and it cannot be, the case of the assessee that the said order constitutes a : binding judicial precedent. If at all it has any value, it can only be a persuasive value. At the cost of repetition, we may add that having perused the order, we are not at all persuaded. Nothing, therefore, turns on the order passed by the Enforcement Directorate accepting the plea of the assessee. We uphold the impugned addition to the extent the same is relatable to US $ 21,000, which, by adopting the conversion rate of 1 US $= ₹ 43.62- as adopted by the Assessing Officer, works out to ₹ 0,16.020. AO is directed to delete the balance amount out of the impugned addition. - Decided partly in favour of assessee
|