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2022 (5) TMI 1005 - AT - Income TaxBogus LTCG - Addition u/s 68 - addition of amount received by the appellant as share capital from various shareholders - HELD THAT:- It is established principle of law that the pre-requisites of section 68 of the Act, the onus is on the assessee to prima-facie establish the three ingredients for the purposes of the section. Before us also, the ld. AR could not prove the merits of the case. He only relied on the submissions made before the CIT(A) in the first round of appeal where his case was allowed. But that becomes irrelevant now since the order of the ld. CIT(A) in the first round has already been overturned by the Tribunal. Even the case laws placed on record by the ld. AR are substantially different on facts and are not applicable to the facts and circumstances in respect of the present assessee. Admittedly, the assessee has not been able to prove the identity nor the assessee was able to prove the credit worthiness nor the genuineness of the transaction. Therefore, the prima-facie onus of the provisions of the Act has not been discharged by the assessee. We find the Hon’ble Supreme Court in the case of P. R.Ganpathy [2012 (9) TMI 482 - SUPREME COURT] has observed that the burden to show that the amount received by purported gifts from the donors was a “gift” in the legal sense is upon the assessee. Also in the case of Roshan Di. Hatti Vs. CIT [1977 (3) TMI 3 - SUPREME COURT] has held that the law is well settled that the onus of proving the source of a sum of money found to have been received by an assessee is on him. Where the nature and source of a receipt, whether it be of money or of other property, cannot be satisfactorily explained by the assessee, it is open to the revenue to hold that it is the income of the assessee and no further burden lies on the revenue to show that income is from any particular source. - Decided against assessee.
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