2025 (6) TMI 808

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....ferred to as 'the Act') for AY 2018-19. 2. Heard and perused the records. In the case of the assessee, certain information was flagged as per Risk Management Strategy formulated by the CBDT on ITBA portal under the head 'NMS cases'. As per information, the assessee invested in mutual funds units to the tune of Rs.19,20,133/-, made time deposits of Rs.1,30,00,000/-, deposited cash amounting to Rs.19,10,030/-, closing balances with HDFC Mutual Fund, ICICI Prudential Mutual Fund and Kailash Vasudev Kulkarni in aggregate amounting to Rs.18,93,388/-, received payment u/s 195 of the Act of Rs. 58,998/- during FY 2017-18 relevant to AY 2018-19. As the assessee had not filed any return of income for Financial Year 2017-18 relevant to A.Y.2018-19....

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.... alleged loan was given in 2016 as per claim of the assessee; however, no documentary evidences could be furnished. The contention can be accepted only when the assessee can show that loan was actually advanced. The assessee has not expressed any difficulty in producing the bank account statement. In show cause notice, it was specifically mentioned that documentary evidences for advancement of loan had not been submitted yet the assessee chose not to file the said documents in response to show cause notice. This shows that the assessee has no evidences to establish that any loan was given to Ms Luo Jianxia. The assessee and the alleged borrower, both did not furnish their statement for 2016 when the alleged loan was advanced. Thus, merely o....

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....ng to Rs. 28,69,580/- as unexplained money. Objections raised on this count are therefore rejected." 5. Ld. DR has though supported the conclusions of ld. Tax authorities below however, the material facts are that admittedly assessee in resident of Republic of South Africa. Copy of permanent residence permit issued by Department of Home Affairs, Republic of South Africa is placed on PB at page 4. Tax assessment and clearance certificate issued by South African Revenue Service for 2018 is on record at pages 6 to 10 of PB. Admittedly assessee has no other source of Income in India, except any income earned in investments or from deposits in bank. 6. The assessee has taken a specific plea that loan was given to someone outside India whic....