Section 69A of Income Tax Act, 1961— the present appeal has been admitted confined to only one question regarding deletion by the ITAT of the addition made by the AO of Rs. 5,17,45,958/- to the income of the Assessee under Section 69A of the Act.

Held that— One of the essential conditions in Section 69A of the Act is that the Assessee should be the “owner of the money” and it should not be recorded in his books of accounts. This was a pre-condition to the next step of the Assessee offering no explanation about the nature and source of the acquisition of such money.

In the present case the evidence placed before the AO clearly indicated that Mr. Chaturvedi confirmed that the draft of Rs. 1,02,95,000/- was given by him to the Assessee and that the transactions of purchase of units were done by the Assessee on his behalf. Books of accounts maintained by Mr. Chaturvedi confirmed the above statement.

The CBI also did not choose to proceed against the Assessee and that discounts the case of any collusion between the Assessee and Mr. Chaturvedi along with Mr. Pathak.[COMMISSIONER OF INCOME TAX, DELHI VERSUS ANOOP JAIN] [2019] 16 ITCD Online (18) [DELHI HIGH COURT]