2024 (3) TMI 250

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.... Revenue : Shri P N Barnwal, CIT(DR) ORDER PER N.K. BILLAIYA, AM This appeal by the Assessee is preferred against order of the CIT(A)-30, New Delhi, dated 23.06.2023 pertaining to A.Y. 2018-19. 2. The substantive grievance argued before us relates to the addition of Rs. 1,10,574/- made by the AO on account of foreign currency found during the course of search treating the same as unacc....

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....bers of Bajaj family. The Counsel further stated that identical query was raised during the assessment proceedings of Vikram Kumar Bajaj wherein the Vikram Kumar Bajaj has taken the onus to explain the source of foreign currency valuing at Rs. 1,10,574/- and the explanation offered by Vikram Bajaj was accepted by the AO. The Counsel concluded by saying that, since the currency was found from the p....

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....ers of the business trips. Even if we agree with these facts and explanations of remnants and leftovers, even then the onus is on the assessee to furnish evidences. The assessee has furnished before us, the evidence for the purchase of foreign currency from M/s Bakshi Forex & Air Services (P) Ltd. The invoices pertain to the years 2012, 2013 and 2014 which are mainly for the US Dollar and Euro whe....