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2019 (1) TMI 860 - HC - Income TaxAddition u/s 68 - whether the expression “genuineness” in the context of the present case has been examined and decided by way of judicial pronouncements? - Held that:- The question of “genuineness” arises in the present case in somewhat a peculiar situation for the Revenue does not dispute payment of ₹ 67.50 crores to the assessee by M/s Unitech Limited on the ground of identity, creditworthiness and even transfer of money. “Genuineness” is disputed for the reason that the explanation given by the assessee for receipt of the amount, i.e. agreement to sell for land at Taluka Khanpur, District Raigad, State of Maharashtra was rejected for a number of reasons, including sham and bogus backdated agreement to sell, failure to produce the executants, difference between the value indicated and circle rate of the land and the factum that half the value of the alleged transaction was paid in advance. Question would arise whether an addition under Section 68 would be justified and as per the statute, even if the nature and character of the transaction propounded by the assessee is discarded and disbelieved, albeit the transaction otherwise in the form of transfer of money is found to be correct and not doubted.
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