TMI Blog2023 (2) TMI 573X X X X Extracts X X X X X X X X Extracts X X X X ..... here was no documents submitted by the assessee to prove that the jewellery has been purchased out of this income. Even if, it is so, the generation of undisclosed income and application of such income has been unraveled. It is a fact on record that the income earned has been undisclosed and has been unearthed only due to the action u/s 132 and the jewellery is only application of such undisclosed income. Hence, the provisions of Section 115BBE(1)(a) that where the total income of an assessee, includes any income referred to in section 69A and reflected in the return of income furnished under section 139, are evidently applicable in the instant case. Appeal of the assessee is dismissed. - ITA No. 9754/Del/2019 - - - Dated:- 8-2-2023 - D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2016 at Locker No. 235, 220 221, Central Bank of Commerce, Kai lash Colony, Delhi. 5. During the search proceedings, Jewellery worth Rs.11,08,520/- was found from the residential premises of the assessee and Jewellery worth Rs.35,61,751/- was found from the lockers of the assessee. 6. During the search proceedings, the statement of assessee was recorded wherein the assessee submitted that the jewellery belonged to him and his family. The assessee in statement u/s 131 of the Act at question no. 14 confirmed that he has surrendered Rs.42,36,027/- as commission income from property transactions. The assessee vide surrender communication dated 08.12.2016, informed the ADIT (Invt.)- 8(2) that the source of investment in Jewellery worth R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... transactions. 11. It was argued that the AO invoked section 69A r.w.s. 115BBE of the Act by indulging in surmises and conjunctures. That AO did not bring anything on record to establish that the assessee has purchased jewellery from undisclosed income and also that the AO had not brought on record any evidence or material to establish that the assessee was involved in any other activity or having any other source of Income. It was argued that it is a settled position in law that burden of showing that the assessee had undisclosed income is on the revenue not on the assessee. 12. The ld. AR relied on the following judicial pronouncements: Lalchand Bhagat Ambica Ram Vs. CIT, Bihar Orissa, 1959 (5) TMI 12 (SC)) dated 14.05.1959 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... return of income furnished under section 139; or (b) determined by the Assessing Officer includes any income referred to in section 68, section 69, section 69A, section 69B, section 69C or section 69D, if such income is not covered under clause (a), the income-tax payable shall be the aggregate of- (i) the amount of income-tax calculated on the income referred to in clause (a) and clause (b), at the rate of sixty per cent; and (ii) the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the amount of income referred to in clause (i). (2) Notwithstanding anything contained in this Act, no deduction in respect of any expenditure or allowance or set off of any loss sh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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