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2020 (1) TMI 1153 - HC - Income TaxAddition u/s 68 - unsecured loan - whether initial onus laid down on the Appellant was duly discharged ? - HELD THAT:- In view of discharge of burden by the assessee, burden shifted to the revenue; but revenue could not prove or bring any material to impeach the source of the credit. Though Mr. Walve, learned standing counsel, has pointed out that the creditor had no regular source of income to justify the advancement of the credit to the assessee, we are of the view that the assessee had discharged the onus which was on him to explain the three requirements, as noted above. It was not required for the assessee to explain the sources of the source. In other words, he was not required to explain the sources of the money provided by the creditor Smt. Savitri Thakur i.e. Shri Rajendra Bahadur Singh and Smt. Sarojini Thakur. We are of the view that the Tribunal was not justified in sustaining the addition to the total income of the assessee as undisclosed cash credit under section 68 of the Act. - Decided in favour of assessee.
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