Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2019 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (2) TMI 242 - BOMBAY HIGH COURTAddition u/s 68 - genuineness of gifts - jurisdiction of the AO making the addition - Held that:- It is true, as pointed out by assessee that when the Additional Commissioner passed the order of assessment, Section 2(7A) did not contain a specific reference of an Additional Commissioner. However, when the statute has been amended with retrospective effect, the effect of such amendment must be applied to the pending proceedings as in the present case. Non-applying such amendment in the present proceedings would destroy the retrospectivity granted to it by the legislature. This contention of the assessee is, therefore, rejected. The assessee claimed to have received an amount of ₹ 25.90 Lacs (rounded off) which at the relevant time was sizable. The assessee failed to even produce must basic details pertaining to the donors. He had never claimed any relations with such persons. The assessee, in plain terms, even failed to establish the donors donee relationship as well as to disturb the stand of the Assessing Officer that the factum of unknown persons giving such sizable gifts without any occasion runs contrary to basis probability of human conduct. All in all, the entire issue is based on facts. The CIT(A) and the Tribunal concurrently held that the gifts were not genuine. Minimum consequences of such findings would be that the amount in question would be the assessee's unexplained cash credit to be brought to tax in terms of Section 68 - Decided against assessee.
|