Case Law Details
RELEVANT PARAGRAPH
8. We have considered the contention of the parties and the facts, evidences and the material on record where by the addition has been sustained by placing the reliance on the provisions of Sec. 69B of the Act whereby the relevant provisions are extracted herein below to deal with the controversy at
“‘Where in any financial year the assessee has made investments or is found to be the owner of any bullion, jewellery or other valuable article, and the Assessing Officer finds that the amount expended on making such investments or in acquiring such bullion, jewellery or other valuable article exceeds the amount recorded in this behalf in the books of account maintained by the assessee for any source of income, and the assessee offers no explanation about such excess amount or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the excess amount may be deemed to be the income of the assessee for such financial year.”
The case set up by the assessee is that once there is invoking of provisions of section 50C and there after the provisions of section 69B have been invoked then the primary evidence for consideration and appreciation coming into play is that of section 69B wherein the addition is being made by invoking the deeming provision and the onus to prove with regard to the payment over and above the declared amount is on the revenue and there cannot be transaction unilaterally by the assessee himself till a corroborative piece of direct evidence has been brought on record adverse the assessee which in the present case has been none for which we are supported by the judgment of ( 1981) 131 ITR 597 (SC) wherein it has been held as under:
K.P. Varghese Vs I.T.O.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
