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2019 (2) TMI 1582 - ITAT PUNEUnexplained source of repayment of loan - reopening of assessment - HELD THAT:- Assessee received a sum of ₹ 5 lakhs by way of small gifts from his friends and relatives. All of such persons, except, Shri Prakash B. Patil, were produced before the AO. They accepted the fact of having given gifts to the assessee - AO doubted their genuineness on certain frivolous issues. Shri Prakash B. Patil, could not appear in person before the AO, but furnished a confirmation letter on 13-12-2010 accepting the making of gift and a copy of his bank account to support the withdrawal of cash and giving of gift. In considered opinion, the assessee cannot be said to have not successfully discharged the burden cast upon him to prove the genuineness of the credits. Therefore, order to delete the addition Addition of sum received on sale of plot of land - HELD THAT:- The assessee categorically stated before the AO that he sold a plot of land for ₹ 1,30,000/-. A copy of Profit and loss account of the assessee for the year under consideration also depicts the sale of plot amounting to ₹ 1,30,000/-. Once the income from sale of plot has been accepted by the AO, he could not have rejected the explanation of the assessee towards receipt of ₹ 1,30,000/- for repayment of loan without any valid reason. Therefore, overturn the impugned order on this score. - Decided in favour of assessee.
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