2018 (4) TMI 1004 - BOMBAY HIGH COURT

Addition u/s 68 - Held that:- Revenue urge that the money has been received from bogus shareholders then it is for the Revenue to proceed against them in accordance with law would not entitle the Revenue to invoke Section 68 while assessing the respondent for not explaining the source of its source. The impugned order of the Tribunal has raised a finding of fact that the respondent had discharged the onus which is cast upon it in terms of the pre-amended Section 68 of the Act by filing the necessary confirmation letters of the creditors, their Affidavits, their full address and their pan.

The Tribunal has rendered a finding of fact which is not shown to be perverse. In any event, the question as proposed in law of the obligation to explain the source of the source prior to 1st April, 2013, Assessment Year 2013-14, stands concluded against the Revenue by the decision of this Court in Gangadeep Infrastructure (2017 (3) TMI 1263 - BOMBAY HIGH COURT).