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2015 (2) TMI 1171 - AT - Income TaxAddition u/s 68 - proof of genuineness of the transaction - Held that:- Hon'ble Calcutta High Court in the cases Bharati Private Limited, [1977 (7) TMI 49 - CALCUTTA High Court] and United Commercial & Industrial Company Pvt. Ltd., [1989 (5) TMI 18 - CALCUTTA High Court], in which the Hon'ble High Court held that for proving the ingredients under section 68 of the Act, the assessee shall have to prove the identity of the creditors, their capacity and genuineness of the transaction in the matter. Mere filing of the confirmation is not enough to prove the genuineness of the credits in the matter. In view of the above, we are of the view that the learned CIT (Appeals) was justified in refusing to admit the additional evidence because mere confirmation could not establish anything in favour of the assessee. Further no reason has been explained as to why the confirmation of the donors were not filed before the Assessing Officer. The Hon'ble Supreme Court in the case of Durga Prasad More [1971 (8) TMI 17 - SUPREME Court ] and in the case of Sumati Dayal [1995 (3) TMI 3 - SUPREME Court] held that “Courts of Tribunals have to judge the evidence before them by applying the test of human probabilities”. If the said test is applied in this matter, it is clearly established that the assessee has failed to prove genuine gifts in the matter - Decided against assessee
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