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2018 (2) TMI 1357 - AT - Income TaxUnexplained cash credits u/s 68 - genuineness of gift receipt - Held that:- The documentary evidence placed on record by the assessee in his attempt to substantiate the genuineness of the gift transaction under consideration does not inspire any confidence - the assessee had not only failed to discharge the onus as stood cast upon him, but rather, a perusal of the facts clearly reveals that the explanation tendered by him was clearly a result of an afterthought to wriggle out of the unexplained cash deposits in his bank accounts with DCB Bank - the assessee had absolutely failed to discharge the onus as regards proving the genuineness and veracity of the gift transaction under consideration, therefore, uphold the view of the CIT(A) that the assessee had raised a bogus claim of having received a gift of ₹ 5,00,000/- from his aunt Mrs. Anis Jariwala. - Decided against assessee Addition of entire cash deposits made during the year under consideration in his SB A/C instead of restricting the same to the peak credit - Held that:- Merely raising of a claim that an addition in respect of the cash deposits in the bank account was liable to be restricted after telescoping the cash deposits/withdrawals in the said bank account cannot be summarily accepted, unless the assessee is able to substantiate on the basis of irrefutable evidence that the amounts withdrawn were thereafter parked by way of re-deposit in the bank account - unable to find ourselves to be in agreement with the claim raised by the assessee that the addition in respect of the cash deposits of ₹ 14,33,500/- in his SB A/c No. 0261010003562 was liable to be restricted to the extent of the peak credit of ₹ 6,55,350/-. We thus uphold the order of the CIT(A) and sustain the addition of ₹ 14,33,500/- made by him in the hands of the assessee. - Decided against assessee
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