Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (1) TMI 1403 - AT - Income TaxApplicability of section 69A - Held that:- The assessee filed before the AO the declaration of gifts, the bank statements of donors and also their source for giving the gifts - The initial onus is discharged by the assessee by proving the identity of the donors and source of fund - Now the burden shifts on to the AO to prove as to whether the donors have creditworthiness or not - The assessee cannot be called upon to prove the source - The AO has not made any efforts to point out ingenuity of the gift and capacity of the parties – Without verifying as to whether the party had retained such earning and whether he has received a sum of Rs. 1,00,000/- one day prior to the gift through cheque, the AO cannot assume that he would not have received a sum of Rs. 1,00,000/- and could not have given the gift - Without examining the parties in the current assessment proceedings, the AO cannot arrive at conclusions - This would amount to violation of natural justice – The issue has been restored for fresh adjudication.
|