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2021 (12) TMI 710 - PUNJAB AND HARYANA HIGH COURTReopening of assessment u/s 147 - Addition u/s 68 - assessee had received some share capital from some foreign parties - money was actually undisclosed income of the assessee, which had been recycled by the said entity into the company of the assessee - CIT-A deleted the addition as this material could not be held to be justified for adding the amount of investment into the company as income of the assessee also confirmed by ITAT - HELD THAT:- As even if for the sake of arguments this assertion is accepted, the crux of the matter is whether the conclusion that the entity was a shell company, could inevitably give rise to the subsequent conclusion that the money received from that company was actually undisclosed income of the assessee without any material to show any link between the said entity and the assessee. Learned counsel for the appellant - revenue has argued that under Section 68 of the I.T Act, such a presumption can be drawn and it was for the assessee to prove that the income was infact not his income. In our considered opinion this argument is too far-fatched It may have been different if some link had been established between the said entity and the assessee, but in the absence thereof, it cannot be held that the presumption under Section 68 of the IT Act, is available. No fault can be found with the judgments of the Commissioner and the Tribunal. - Decided against revenue.
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