Revenue Authorities Fail to Prove Investment in Paintings; Additions for Unexplained Assets Deleted for 2008-09.

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Full Text of the Document

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....Addition on account of Unexplained paintings - Source of Investment made in the painting - the revenue had failed to place on record any ‘material’ which would irrefutably prove to the hilt that the investment in the aforesaid “two paintings” was made by the assessee during the year under consideration i.e A.Y 2008-09 - additions deleted.....