https://www.taxtmi.com/caselaws?id=458971 The Tribunal allowed the appeals filed by the assessee for the assessment years 2008-09, overturning the CIT(A) order that confirmed the addition of unproved purchases of paintings. The Tribunal found that the paintings were purchased through account payee cheques and were physically present during the search. The Tribunal noted that the addition was based solely on supplier statements denying the transactions, and since no expenditure was claimed in the profit and loss account, the addition to the assessee's income was unwarranted. The Tribunal directed the AO to determine the actual value of the paintings if depreciation claims arise in the future. en-us Wed, 25 Feb 2015 00:00:00 +0530 Sun, 24 Nov 2024 09:33:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458971 The Tribunal allowed the appeals filed by the assessee for the assessment years 2008-09, overturning the CIT(A) order that confirmed the addition of unproved purchases of paintings. The Tribunal found that the paintings were purchased through account payee cheques and were physically present during the search. The Tribunal noted that the addition was based solely on supplier statements denying the transactions, and since no expenditure was claimed in the profit and loss account, the addition to the assessee's income was unwarranted. The Tribunal directed the AO to determine the actual value of the paintings if depreciation claims arise in the future. Case-Laws Income Tax Wed, 25 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458971