Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (9) TMI 1245 - ITAT MUMBAIAddition u/s 68 - discharge of onus or proof - Held that:- When more than 23 years have already elapsed since the investments were made by these shareholders in assesseee's share capital, no further opportunities can be given to the revenue to start fresh round of litigation more-so nothing incriminating has been brought on record by the authorities below. It is matter of record that these shareholders name, addresses, GIR/PAN etc are all on record along with their confirmation letter confirming that they made investments in the assessee company. These shareholders have also confirmed that these share investments were made out of their own capital and payments were all made by cheque. We are inclined to accept the contentions of the assessee by holding that the assessee has discharged its burden/onus as was cast u/s 68 of the 1961 Act with respect to share investment of ₹ 1, 00, 00, 000/- made in the assessee company. We order deletion of the additions. Unexplained income - Held that:- The onus as well burden is very heavy in the instant case on the assessee to bring on record cogent evidences to substantiate that there is no income component in the said differential amount of ₹ 91, 09, 444/- which is liable to be chargeable to tax within mandate of the 1961 Act. The assessee and revenue erred in ignoring the mandate of the 1961 Act, which is supported by Article 265 of the Constitution of India to bring to tax correct income of the assessee. Under these peculiar facts and circumstances of the case, we are constraint to set aside and restore this issue back to the file of the AO for fresh determination of the issue on merits in accordance with law. We in exercise of powers u/s 254 of the 1961 Act direct AO to admit all necessary evidences and explanations which the assessee files before the AO in denovo assessment proceedings in its defence and thereafter adjudicate the same on merits in accordance with law despite the fact that no revised return of income was filed by the assessee .
|