TMI Blog2015 (3) TMI 808X X X X Extracts X X X X X X X X Extracts X X X X ..... not be treated by the Assessing Officer as sufficient explanation and neither the Assessing Officer nor the Tribunal has found the same to establish the genuineness of the two transactions. The said findings are purely findings of fact which is in the domain of the Assessing Officer and the Tribunal and it cannot be said that the findings are either based upon no material and are perverse. This Court is of the view that such findings are the natural presumption to be drawn from the nature of evidence that the assessee had produced before the Assessing Officer. - decided against assessee. - Miscellaneous Appeal No. 141 of 2008 - - - Dated:- 5-2-2015 - Ramesh Kumar Datta And Anjana Mishra,JJ. For the Appellants : Mr Ajay Kumar Jha, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee and similarly, the wife claimed to have received the amount of ₹ 1 lac from her father while he was on his death bed and handed over the same to the assessee. Not satisfied with the aforesaid affidavits the same were treated as undisclosed income of the assessee for the assessment years 1994-95 and 1995-96. On appeal to the Tribunal, the appeal has been rejected so far as the said two amounts are concerned. Aggrieved by the same the appellant has come up before this Court. Learned counsel for the appellant relies upon Section 69 of the Income Tax Act which is in the following terms:- 69. Unexplained investments.- Where in the financial year immediately preceding the assessment year the assessee has made investments w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... akrishna Bihari Lal V. Commissioner of Income Tax: (1954) 26 ITR 344 (Pat.), a Bench decision of the Nagpur High Court in Jainarayan Balabakas of Khamgaon V. Commissioner of Income-tax: (1957) 31 ITR 271 (Nag.), a Bench decision of the Allahabad High Court in Ram Kishan Das Munnu Lal V. Commissioner of Income-tax: (1961) 41 ITR 452 (All.) and a Bench decision of the Bombay High Court in Orient Trading Co. Ltd. V. Commissioner of Income-tax: (1963) 49 ITR 723(Bom.), may be referred to as authorities for the proposition that, if a credit entry stands in the name of the assessee himself, the burden is undoubtedly on him to prove satisfactorily the nature and source of that entry and to show that it does not constitute a part of his income liab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... books of account, other documents, money, bullion, jewellery or other valuable article or thing are or is found in the possession or control of any person in the course of a search, it may be presumed - (i) that such books of account, other documents, money bullion, jewellery or other valuable article or thing belong or belongs to such person; (ii) that the contents of such books of account and other documents are true; and (iii) that the signature and every other part of such books of account and other documents which purport to be in the handwriting of any particular person or which may reasonably be assumed to have been signed by, or to be in the handwriting of, any particular person, are in that person s handwriting, and in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o show that it does not constitute a part of his income liable to tax and even if the entries are in the name of the wife and childen or any near relation or an employee of the assessee, the burden would be upon the assessee to explain satisfactorily the nature and source of that entry. It is only when the entry stands in the name of a 3rd party who is an independent person and not close relation or connected with the assessee then the burden upon the assessee is only to establish identity of the said 3rd party and place such other evidence prima facie, before the Assessing Officer that the entry is not fictitious and then the initial burden upon the assessee would be treated to have been duly discharged and it would be upon the Assessing O ..... X X X X Extracts X X X X X X X X Extracts X X X X
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