Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (1) TMI 781 - AT - Income TaxAddition u/s.68 - received of alleged gift given by father - Held that:- Assessing Officer has merely stated that the father of the assessee had meagre income without bring on record any material in support of the issue. In my considered opinion, such a vague and unspecific and unsubstantiated observation has no value in the eyes of law. Therefore, considering the entirety of the facts and circumstances of the case I find that the plausible explanation of the assessee was rejected by the Assessing Officer merely on the basis of suspicion and doubt and without bringing even an iota of material on record and even pointing out any inconsistency in the statement of Shri L. Anand Rao, father of the assessee recorded u/s.131 of the Act. Hon’ble Supreme Court in the case of Sreelekha Banerjee vs CIT (1963 (3) TMI 47 - SUPREME COURT ), wherein, it was held that the department cannot by merely rejecting unreasonably a good explanation convert good proof into no proof. Therefore, in my considered opinion, the order of the Assessing Officer cannot be sustained and the ld CIT(A) was not justified in confirming the same. Therefore, setaside the orders of lower authorities and delete the addition - Decided in favour of assessee
|