2015 (1) TMI 745

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..... ct - Held that:- In line with the judgment of CIT V. Lovely Exports (P) Ltd. (2008 (1) TMI 575 - SUPREME COURT OF INDIA) the initial onus to disclose the source of credit is upon the assessee. That judgment clearly states that once this burden is discharged in a reasonable manner, the burden of establishing that the source of the income is unaccounted or that the explanation afforded is unreasonab .....

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..... e Appellant : Mr. Abhishek Singh Baghel and Mr. Arjun Harkauli, Advs. For the Respondent : Mr. S. Krishnan, Adv. ORDER Mr. Justice S. Ravindra Bhat (Open Court) 1. The Revenue is in appeal claiming to be aggrieved by an order dated 9.1.2014 of the Income Tax Appellate Tribunal (hereinafter referred to as ITAT ) in ITA No.1732/Del./2005. The Revenue s grievance is that the sum of .....

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..... see s appeal to the ITAT was accepted, whereupon the Revenue approached this Court. At that stage the Revenue s contention was that adducing of additional evidence, before the ITAT was not warranted. The High Court, therefore, remitted the matter to the ITAT for reconsideration. 3. In the impugned order the ITAT took into account the materials made available to the assessing authorities during .....

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..... acquired the shares and held for the relevant period. After consideration of these materials the Tribunal held that addition under Section 68 of the Act was not justified in the circumstances. 4. It is urged by the revenue that the ITAT fell into error in not considering that the brokers who were said to have transacted on behalf of the assessee was not in fact examined and that the quotations .....

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..... brought and the relevant quotations from the concerned stock exchanges etc. In these circumstances to expect the assessee to even produce the brokers physically before the assessing officer was unreasonable. After all, the assessing officer could have used his powers if he thought there was any reason to suspect the materials produced before him were dubious or otherwise unacceptable. 5. For t .....

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