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2013 (11) TMI 805 - AT - Income TaxUnaccounted investment in purchase of property – Held that:- The assessee had purchased a property - As per the seized diary the actual consideration received by assessee was recorded at ₹ 165 lakhs as against the consideration of ₹ 65 lakhs in the registered sale deed – Following CIT v. P.V. Kalyanasundaram [2007 (9) TMI 25 - SUPREME COURT OF INDIA] - The burden of proving the actual consideration in the purchase of property is on the Revenue - The assessment made should have enough material and it should stand on its own legs - The basis for addition cannot be only the loose sheet or a third party statement. In the absence of corroborative material - The Revenue has failed to discharge its duty – The Department has not brought on record the date on which the payment was made and the source from which it is paid and/or any details of bank account from where the cash was withdrawn - The authorities made up a case on surmises and conjectures which cannot be allowed – Decided in favour of assessee. Amount received from father – Held that:- Following CIT v. P. Mohanakala [2007 (5) TMI 192 - SUPREME Court] - Where there is a relation between the donor and the donee and there was an occasion to make gift, the same has to be considered as genuine - The donor was assessee's father and the gift was given to settle the life of his daughter, the assessee and the donor being a father, it is natural in the Indian social system to give gift to daughters – Decided in favour of assessee. Loan from father’s friend – Held that:- The assessee could not furnish any confirmation letter except furnishing of a self-declaration - The assessee also stated that she does not know lender personally - The credit cannot be considered as genuine and the same has to considered as income of the assessee - The assessee has not proved the genuineness of this amount – Decided against assessee.
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