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2013 (3) TMI 48 - HC - Income TaxAddition u/s 68 - cash credit - nature and source of the deposits - held that:- In the case of Anil Rice Mills (2005 (7) TMI 44 - ALLAHABAD HIGH COURT ), this Court has held that the assessee cannot be asked to prove the source of source or the origin of origin. Tribunal had erred in holding that the amount deposited by the two partners is liable to be added under section 68 of the Act on the ground that the gifts received by the respective partners from the various persons could not be explained as the credit-worthiness of the donors had not been established. The Tribunal had wrongly drawn an adverse inference upon the fact that the donors had filed their Income Tax Return for the Assessment Years 1988-89 to 1991-92 on a single day and further the return for the Gift Tax was filed on 25.08.1992, which was well within the due date. - Decided in favor of assessee.
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