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2010 (9) TMI 647 - AT - Income TaxAddition u/s 68 - Bogus loan and gift - assessee had accepted voluntary gifts of Rs.50,000/- each on four dates, totalling to Rs.2,00,000/-, from Smt. Mini Agarwal, aged about 21 years old at the relevant time, daughter of cousin sister of the assessee by bankers cheque, who is also assessed to tax - It was, therefore, contended that the assessee was able to discharge his onus u/s. 68 of the Act to establish the identity of the loan creditors, genuineness of the transactions and creditworthiness of the loan creditors - It is undisputed fact that all the loan creditors, except two, appeared in person before the A.O. in response to notice u/s. 131 of the Act and they have duly confirmed the transaction - once the returned income of the loan creditors, wherein the gifts received by them have been shown, has been accepted by the department, we fail to understand how in that situation the transaction of the loan creditor with the assessee can be said to be non-genuine and assessee’s income from undisclosed sources - all the nine loan creditors are assessed to tax and their return of income for assessment years 2001-02 to 2003-04 have been accepted by the department - Out of the total addition of Rs.12,55,000/- made u/s. 68 of the Act, the ld. C.I.T.(A) deleted the addition of Rs.9,70,000/- and sustained the same to the extent of Rs.2,85,000 - Appeal is partly allowed
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