https://www.taxtmi.com/caselaws?id=268813 An addition under Section 69 requires proof that the assessee actually made the investment, that it was not recorded in the books, and that the explanation of source was unsatisfactory; mere possession of the vehicle, later duty payments, or accounting treatment did not establish that the assessee financed the Lamborghini. The Revenue produced no material to displace the record showing import and payment by another person through banking channels, so the addition was unsustainable. The Tribunal's deletion was also not perverse because its view was a plausible factual conclusion based on the evidence. The assessee succeeded. en-us Mon, 30 Nov 2015 00:00:00 +0530 Wed, 02 Dec 2015 02:15:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268813 An addition under Section 69 requires proof that the assessee actually made the investment, that it was not recorded in the books, and that the explanation of source was unsatisfactory; mere possession of the vehicle, later duty payments, or accounting treatment did not establish that the assessee financed the Lamborghini. The Revenue produced no material to displace the record showing import and payment by another person through banking channels, so the addition was unsustainable. The Tribunal's deletion was also not perverse because its view was a plausible factual conclusion based on the evidence. The assessee succeeded. Case-Laws Income Tax Mon, 30 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268813