TMI Blog2018 (2) TMI 1695X X X X Extracts X X X X X X X X Extracts X X X X ..... No. 1968 /Kol/2017 - - - Dated:- 3-1-2018 - Hon ble Sri N.V.Vasudevan, JM For the Appellant : Shri K.L.Bothra, Advocate For the Respondent : Shri Snehangshu Biswas, Addl. CIT ORDER These are appeals by two Assessees against two orders both dated 19.07.2017 of C.I.T.(A)-10, Kolkata relating to A.Y.2010-11. 2. The facts of the case are that Smt. Kusum Bhura purchased jewellery worth ₹ 4,53,354/- from Minal Gems, Mumbai. The assessee Shri Shrenik Bhura also purchased jewellery worth ₹ 8,07,620/- from Minal Gems, Mumbai. As far as Smt. Kusum Bhura is concerned she had paid Minal Gems through a cheque which was duly encashed by Minal Gems. Copy of the bank statement of Bank of Baroda of A/c No.003202000004111 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m Bhura by making the following observations : However, since the assessee in the balance sheet has shown increase in jewelry by ₹ 4,53,354/- there is no evidence on record to doubt that she didn't make any purchase in the FY-2009-10 except making cheque entry. In fact, she made the purchase from some other party in earlier year but has not furnished the details of the same. Accordingly, expenditure of ~ 4,53 354/- incurred towards purchase of diamonds shown as jewelery in the Balance Sheet is considered as unexplained investment u/s 69 of the Act and deemed to be the income of the assessee for the financial year 2009-10. 5. In the case of Shri Shrenik Bhura the AO made an addition by observing as follows :- In v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ration to the rival submissions. It is an undisputed position that addition in case of both the assesses have bee made u/s 69 of the Act. Section 69 of the Act reads as follows :- Unexplained investments 69. Where in the financial year immediately preceding the assessment year the assessee has made investments which are not recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and source of the investments or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the value of the investments may be deemed to be the income of the assessee of such financial year. 9. In the present case investments ..... X X X X Extracts X X X X X X X X Extracts X X X X
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