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| The Tax Publishers2020 TaxPub(DT) 0100 (Mum-Trib) INCOME TAX ACT, 1961
Section 69A
Assessee had duly evidenced source of investment made by him for purchase of concerned two paintings by furnishing copy of the credit card statments, bank account of M/s. A Ltd., payment vouchers bank account of assessee with SBI revenue failed to place on record to controvert evidences furnished by assessee, therefore, investment in paintings could, by no means, be treated as an unexplained investment.
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Income from undisclosed sources - Addition under section 69 - Investment in paintings duly substantiated by assessee by furnishing supportive evidences -
During search 'two paintings' were found at business premises of assessee. As regards the source of aforesaid investment in paintings assessee submitted that said paintings were purchased by him through his 'credit cards'. Using funds of M/s. A Ltd., i.e., the company in which he was a director and purchase consideration was thereafter reimbursed by him to the company through 'account payee'. cheque, drawn on his bank account with. SBI. However, AO made addition under section 69 as regards 'unexplained investment' made by assessee in paintings.Held: Assessee had duly evidenced source of investment made by him for purchase of concerned two paintings by furnishing copy of the credit card statments, bank account of M/s. A Ltd. payment vouchers. bank account of assessee with SBI revenue failed to place on record to controvert evidences furnished by assessee, therefore, investment in paintings could, by no means, be treated as an unexplained investment.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2008-09
IN THE ITAT, MUMBAI BENCH
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