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2015 (12) TMI 1073 - HC - Income TaxPhoto copy of the receipt taken for the purpose of assessment - 'chargeability of income' - Whether the 'hypothetical income' can be brought to charge under section 5 of Income Tax Act, 1961 dehors the provisions of section 2(c) read with section 10 (Indian Contract Act, 1872), Section 5 (Transfer of Property Act, 1882), Section 17 (The Registration Act, 1908) and the provisions of Indian Stamp Act, 1899? - Held that:- The photocopy of the receipt is specific in that it evidence receipt of ₹ 55 lakhs is cash from Shri Joginder Singh and Mrs. Harjinder Kaur, being the purchasers, on 15.9.2000. It is duly signed by all the assessees in token of having received the aforesaid sum of money in cash. The name of the purchasers as also the date of receipt of the aforesaid sum of money are also mentioned in the receipt in unambiguous terms. The fact that the receipt carries signature of the recipient of the aforesaid money on the revenue stamp affixed on the receipt further establishes the genuineness of the contents of the receipt. If the AO had the original of the receipt in his possession and shown the same to the assessees, the assessees could have done no better than what they have done by seeing the photo copy of the receipt. Besides, the receipt is relevant to the fact in issue and establishes in unambiguous terms the receipt of ₹ 55 lakhs in cash over the apparent consideration. Secondly, the authenticity of the receipt, the authenticity of the signatures of the assessees on the receipt, and the fact that a sum of ₹ 55 lakhs was actually received by them in cash have been confirmed by the assessees in their respective statements recorded on oath by the ADIT (Inv.). In other words, the genuineness of the receipt and also the contents thereof are duly corroborated by all the assessees in their respective statements. It is not a case where the departmental authorities are acting merely on the basis of photo copy of the receipt. Thirdly, and more importantly, the assessees have not placed any evidence on record to rebut the contents of the receipt or even the contents of their statements. In this factual setting, we are unable to hold that the said receipt is irrelevant material for the purpose of making assessment. We therefore hold that the Assessing Officer has rightly acted upon the contents of the receipts which are duly corroborated by the assessees in their respective statements, for making the assessment under challenge before us - Decided against assessee
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