AI Drafter 
TaxTMI 
TaxTMI 
2023 (4) TMI 1338
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..... 1, being a general ground, does not require specific adjudication. 3. In ground no. 2, the assessee has challenged the addition of Rs.1,32,25,533/- under section 69A of the Income-tax Act, 1961 (for short 'the Act'). 4. Briefly the facts are, the assessee is a non-resident individual and a resident of United Arab of Emirates (UAE). For the assessment year under dispute, the assessee filed his return of income electronically on 04.08.2017, declaring income of Rs.1,02,288/-. The income declared comprised of interest earned from bank account and interest on Income tax refund. As observed by the Assessing Officer, in course of assessment proceedings, the Assessing Officer issued notice under section 133(6) of the Act to two branches of ....
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.... source of such money, bullion, jewellery etc. He submitted, the assessee is a non-resident, hence, there is no obligation on him to maintain books of account in India. Further, he submitted, assuming that the bank account/statement can be considered to be the books of account of the assessee, then also the credit entries duely are recorded in the bank statement. Therefore, in either circumstances, provision of section 69A would not be applicable. 5. As regards the merits of the issue, learned Counsel submitted, an amount of Rs.1,25,16,533/- was transferred from his bank account at Dubai to NRO account maintained in India. In this context, he drew our attention to the respective bank statements. He submitted, though, before learned Commi....
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....garding the source of Rs.1,25,16,533/-. He submitted, the cash deposit of Rs.2,42,000/- made by the assessee was out of the earlier cash withdrawals of Rs.5 lakhs made on 18.10.2016 and 28.10.2016 from NRO Bank account for his medical treatment and unutilized cash available was deposited in the bank account due to declaration of demonetization of Rs.500 and Rs.1000 notes. As regards deposit of Rs. 3 lakhs, learned counsel submitted, the amount was received from his daughter. As regards an amount of Rs.1,67,000/-, learned counsel submitted, it was received from Ms. Sugandha Saigal for hotel booking. Since, the reservation was subsequently cancelled, an amount of Rs.1,67,000/- was refunded back to the assessee. Thus, he submitted, each credit....
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....urce of such money, bullion, jewellery etc. is not specifically explained. 9. In the facts of the present appeal, undisputedly, the assessee is a non-resident, hence, is not obliged to maintain any books of account in India, as the only source of income of the assessee in India is from interest on bank accounts and interest on income tax refund. Therefore, one of the conditions of section 69A is not satisfied. Even assuming that the bank statements are to be treated as books of account of the assessee, still, section 69A would not be applicable as the transactions are duly recorded in the bank statements. Thus, in our view the provisions of section 69A would not be applicable. Therefore, the addition made invoking the provisions of secti....
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....levant to assessment year 2016-17, the assessee had received dividend amounting to Rs.9,74,27,502/-, out of which, an amount of Rs.6,88,02,250/- was transferred to Dubai bank account. The fact that the assessee has earned substantial dividend income is established from the return of income filed in India for assessment year 2016-17 and also from the fact that the company distributing the dividend has paid DDT. Thus, it is very much clear, the assessee has established not only the source of fund in the NRO account in India but the source of source as well. It is observed, though the assessee has explained all these facts before learned Commissioner (Appeals) and produced additional evidences to support his claim, however, learned Commissione....
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....00,000/-, on perusal of the respective bank statements, it is clearly discernible that the amount was received from Ms. Gauri Chaddha, assessee's daughter. Therefore, there cannot be any doubt regarding source of this deposit. 15. As regards the balance amount of Rs.1,67,000/-, the bank statement clearly reveals that the amount was received from Ms. Sugandha Saigal. It is the explanation of the assessee that the amount of Rs.2,00,000/- was remitted to Ms. Sugandha Saigal on 31.03.2013 towards hotel reservation charges. However, subsequently, since, the reservation was cancelled, Ms. Sugandha Saigal refunded back the amount of Rs.1,67,000/-, which was credited to assessee's bank account on 05.04.2016. 16. Thus, on over all analysis of ....