https://www.taxtmi.com/caselaws?id=798469 Section 69A requires proof that the assessee acquired the property alleged to be unexplained. Use of the assessee's Importer Exporter Code for imports, without evidence of payment, ownership, or use of the goods, does not establish acquisition. Contemporaneous records showed that another entity arranged the imports, paid customs duty, retained title to the equipment, and made payments to the foreign seller through the customs-clearance agent. With no supporting material in the assessee's financial records or other inquiry, the addition for alleged unrecorded import purchases was unsustainable and deleted. en-us Wed, 12 Aug 2026 00:00:00 +0530 Tue, 08 Sep 2026 08:42:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798469 Section 69A requires proof that the assessee acquired the property alleged to be unexplained. Use of the assessee's Importer Exporter Code for imports, without evidence of payment, ownership, or use of the goods, does not establish acquisition. Contemporaneous records showed that another entity arranged the imports, paid customs duty, retained title to the equipment, and made payments to the foreign seller through the customs-clearance agent. With no supporting material in the assessee's financial records or other inquiry, the addition for alleged unrecorded import purchases was unsustainable and deleted. Case-Laws Income Tax Wed, 12 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798469