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2018 (10) TMI 69 - AT - Income TaxAddition u/s 68 as unexplained investment - Treatment to the profit arising from the sale of shares as long term and short term capital gains - assessee stated that earlier also the assessee had received gift from his mother which has been accepted by the Revenue - Held that:- Contention of the assessee is not acceptable in the present case because the principle of re judicata is not applicable in the Income-tax Proceedings and each assessment year is a separate unit. In the impugned order, the Assessing Officer has doubted the creditworthiness of the donor and it was not proved beyond doubt as to from where, the impugned amount of gift was remitted to the assessee. The AR of the assessee has not rebutted the objections raised by the Assessing Officer in this regard. The assessee has prepared statement of affairs as on 31.03.2005 & 31.03.2006 and the opening and closing balance of assets and liabilities have been shown by the assessee. Without maintaining the books of account, it is not possible to prepare statement of affairs and opening and closing balances are shown of the assets and liability, which is placed on record. Therefore, the plea of the assessee that he does not maintain any books of account is not correct. Assessee was also unable to prove the basic requirement that the impugned amount of the alleged gift was received from assessee’s mother, as no bank statement of his mother was filed by the assessee at any stage to justify the genuineness of the gift. Therefore, the ld. CIT(A) has rightly confirmed the addition made by the ld. Assessing Officer of the impugned amount as unexplained investment. - Decided against assessee.
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