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2014 (7) TMI 1361 - HC - Income TaxTransaction of sale of stripes - genuine transaction or not? - addition made by AO under the head of ‘income from other sources’ - ITAT upholding the findings of the CIT(Appeals) that the transaction of sale of stripes by the respondent-assessee as a genuine transaction - HELD THAT:- The laws consistently say that initial burden to establish genuineness of the transaction lies on the assessee first. If the assessee discharges his/its onus, then the burden shifts to the Revenue to produce cogent material disproving the evidence adduced by the assessee. The learned Tribunal has taken note of the judgments on the issue, including an unreported one of High Court of Jharkhand, in Arun Kumar Agarwal (HUF) & Others, [2012 (8) TMI 398 - JHARKHAND HIGH COURT] and also in the case of C.I.T. v. Gobi Textiles Ltd. [2007 (9) TMI 226 - MADRAS HIGH COURT] wherein it has been stated the legal position as quoted by us above. Here, on fact, the learned Tribunal found the assessee has discharged initial burden lies on it. We, therefore, do not find any element of law to interfere with the impugned judgment and order of the learned Tribunal.
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