TMI Blog2016 (4) TMI 582X X X X Extracts X X X X X X X X Extracts X X X X ..... of account of the trust and, therefore, the contention of learned Sr. Departmental Representative that it was not appearing as debtor in the books of account of the trust is not correct. The assessee submitted all the documents in support of identity, creditworthiness and genuineness of the transaction. However, the Assessing Officer merely made addition without any evidence in support of his claim. Once the assessee filed all the documents, the burden of proof shifted on the Revenue and if the Revenue was unable to carry out inquiry even after request of the assessee to summon the creditors, the Assessing Officer failed to discharge his burden of proof and unable to establish that the credit of the deposit of ₹ 14,55,575/- in the ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... declaring income of ₹ 3,72,330/-. The assessee, a Chartered Accountant by profession, derived income under the head profit and gains of business and Income from other sources. The case was selected for scrutiny under Computerized Assisted Selection for Scrutiny (CASS) and notice under section 143(2) of the Act was issued and served within the stipulated time. The Assessing Officer observed that as per the annual information report (AIR) there was cash deposit of ₹ 14,44,575/- in saving bank account maintained by the assessee with Axis Bank, Adarsh Gram Branch, Rishikesh, Uttarakhand. It was explained by the assessee that a sum of ₹ 2,44,575/- was deposited out of his own sources and balance money was belonging to Sh. Ved M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h are placed from page 65 to 68 of the paper book. The learned Authorized Representative further submitted that the assessee vide letter dated 16.12.2011 requested the Assessing Officer to issue summon under Section 131 to the Trust for conducting further inquiries if required, however, the Assessing Officer made the addition without conducting any inquiry from the trust. The learned Authorized Representative further referring to the balance sheet of the trust at page 21 of the paper book submitted that enough cash in hand was available in the books of trust on 31.03.2008. Learned Authorized Representative also referred to the confirmation of the trust filed at page no. 15 of the paper book, where the trust has admitted of giving advances t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 13.06.2008 ₹ 2,50,000/- 16.06.2008 ₹ 3,50,000/- 17.06.2008 ₹ 3,50,000/- 18.06.2008 ₹ 2,50,000/- ₹ 12,00,000/- 5.1 Before the learned Commissioner of Income Tax(Appeals), the assessee submitted copy of the imprest account maintained in the books of the trust, wherein money advanced to the assessee by the trust for the purpose of purchasing land has been shown. The said imprest account has also been submitted at page no. 29 of the paper book and in the said imprest account advances are appearing as under: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hifted on the Revenue and if the Revenue was unable to carry out inquiry even after request of the assessee to summon the creditors, the Assessing Officer failed to discharge his burden of proof and unable to establish that the credit of the deposit of ₹ 14,55,575/- in the bank account was from undisclosed sources. The Hon ble Apex Court in the case of CIT Vs Orissa Corporation (supra) has held as under: 13. In this case, the assessee had given the names and addresses of the alleged creditors. It was in the knowledge of the Revenue that the said creditors were income-tax assessees. Their index numbers were in the file of the Revenue. The Revenue, apart from issuing notices under s. 131 at the instance of the assessee, did not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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