2022 (3) TMI 73

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....Per Gagan Goyal , AM This appeal has been filed by the assessee against the order dated 29/07/2019 passed by the Commissioner of Income-tax (Appeals)-30, Mumbai for the assessment year 2012-13. 2. The facts in brief governing the issues raised in the appeal are that the assessee, an individual, derived 'Income from other sources', during the year under consideration. Return of income....

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.... of assessee's deceased brother in the form of silver and gold, the assessing officer found that as per capital account of the assessee for assessment year 2011-12, the assessee had received 500 gms of gold worth Rs. 13,42,290/- and 11.3 kgs of silver worth Rs. 6,85,413/- from the estate of late Dilipkumar A Kothari, assessee's deceased brother. When the assessee was asked to substantiate ....

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....other, late Shri Dilipkumar Amichand Kothari buttress the point that his late brother had purchased gold worth Rs. 20,56,238/- through his bank account. He also submitted that the assessee's late brother also had redemption of investments from Reliance Mutual Funds to the extent of Rs. 63,28,380/-. He also invited our attention to the copy of invoice of Flax Investment Services P Ltd. for purc....

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....ocuments would adequately prove that the assessee is a man of means. Nowhere the assessing officer found any deficiency in the cash book maintained and produced by the assessee. Merely on surmises and conjectures, assessing officer brushed aside the books of accounts produced by assessee. Therefore, in our opinion, the authorities below were not justified in making the addition. 7. With regard ....