TaxTMI 
TaxTMI 
2005 (3) TMI 101
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....in the income of the assessee on account of unexplained deposits in the savings bank account No. 13272 in the State Bank of India, Hamidiya Road, Bhopal, held by the assessee jointly with Smt. Kashibai even though Smt. Kashibai did not sign the account opening form nor operated the bank account at all? 2. Whether the Income-tax Appellate Tribunal was justified in law in holding that the addition of Rs. 2,56,102 cannot be made to the income of the assessee on account of unexplained investment in purchase of US dollars 10,000 even though the entries in the diary marked as document No. 1-2 seized during the course of search at the premises of the assessee on October 30, 1992, clearly indicated that these dollars were purchased in India out ....
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....assessee, while dealing with the identical contention of the Revenue in regard to the assessee for the assessment year 1987-88 in M.A. (IT) No. 62/2003-CIT v. Savitri Devi Shukla [2008] 296 ITR 180 (MP) disposed of today, we have upheld the decision of the Tribunal and answered the question in the affirmative. For the reason stated therein and following the said decision, this question is answered in the affirmative against the Revenue. Re: Question No. (2) The Assessing Officer has added a sum of Rs. 2,56,102 under section 69 of the Income-tax Act on the ground that the same represented unexplained investment in purchase of US dollars 10,000 which was received by the assessee, during the year in question under the remittances in the ....
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....ed that the diary and papers seized, were not in the possession of the assessee nor in her handwriting. It was also noted that the remittances were received by way of drafts issued in foreign countries. The Tribunal also agreed with the findings of the Commissioner of Income-tax (Appeals). We may refer to the relevant provisions. Sub-section (1) of section 3 of the said Act, which is relevant, is extracted below: "3. Immunities.- (1) Notwithstanding anything contained in any other law for the time being in force,- (a) no recipient who claims immunity under this Chapter in accordance with such scheme as the Reserve Bank of India may, by notification in the Official Gazette, specify for the purposes of receiving remittance under this....
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.... of Foreign Exchange and Investment in Foreign Exchange Bonds (Immunities and Exemptions) Act, 1991 (the Act), provides that notwithstanding anything contained in any law for the time being in force... (omitted as unnecessary). Section 4 of the said Act further provides that any remittance of the nature referred to above will not be taken into account for the purpose of any proceeding under the Income-tax Act, 1961.... The relevant provisions of the Act, as briefly explained above, make it very clear that the Assessing Officers, in any proceedings under the direct tax laws, will not make any enquiry with regard to remittances in foreign exchange received under the Remittances in Foreign Exchange (Immunities) Scheme, 1991, or gift of a....