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2012 (10) TMI 747 - AT - Income TaxUnexplained income of the assessee - Addition u/s 68 - no other source of income except agricultural income - Held that:- As decided in Commissioner of Income-Tax Versus Smt. P. K. Noorjahan [1997 (1) TMI 6 - SUPREME COURT] the sources of investments (i.e. that the same were financed from out of the savings from the income of the properties which were left by her mother's first husband) could not be treated as income of the assessee. As in the present case the assessee deposited the amount of Rs. 26,30,000/- received through cheque by the father of the assessee who expired and the source as explained by the legal heir that the amount was received by his father on account of sale of agricultural land, thus considering the social status and living standard and other attendant circumstances, the only inference that should have been drawn by the A.O. must have been in favour of the credibility of the explanation rather than the materiality of evidence - in favour of assessee.
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