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2013 (7) TMI 762 - AT - Income TaxAddition under section 69A of the Income Tax Act, 1961 - Assessing Officer made the additions for the three years under consideration on account of transactions made by the assessee with one Shri Brij Mohan Gupta and his associates - As per the scheme of Section 69A, the onus to prove the ownership of the assessee over money etc, is on the assessing officer – Held that:- So far as regards the allegation that the assessee failed to prove that Shri B.M. Gupta was not known to it, the assessee's affidavit in this regard, filed before the Assessing Officer in the first round, is at APB 82-83. Therein, Shri Virender Kumar, partner of the assessee firm, has categorically stated on solemn affirmation and oath, inter alia, that the firm had never advanced any sums to, or taken loan from, anybody, which was not disclosed in its books of account; that neither the assessee firm, nor its partners ever had any financial or business relation with Shri Brij Mohan Gupta or his family members or any concern belonging to them; that neither the assessee firm, nor Shri Virender Kumar, its partner, had advanced/taken any sum to Shri Brij Mohan Gupta or his family or their concerns, if any, in Assessment Year 2001-02, as stated by the Assessing Officer. As against this affidavit, no other evidence was brought by the Assessing Officer against the assessee - The case of the department, has been built on a non-existent edifice. There is not even an iota of evidence which may lead to a conclusion embroiling the assessee in the alleged hundi transactions and, in the absence of evidence, there was no scope for slapping the additions on the assessee for all these three years. There is no corroborative evidence regarding the alleged cash loans or hundis – Decided against the Revenue.
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