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2016 (5) TMI 696 - DELHI HIGH COURT

2016 (5) TMI 696 - DELHI HIGH COURT - TMI - Addition u/s 69A - Held that:- Assessee has no valid explanation regarding the source of his income for making gifts to the tune of ₹ 1.8 crores during the AY in question. The person he named as the source was an accommodation entry provider. The addition was made on substantive basis in the hands of Mr. Amar Khosla and on protective basis in the Appellant's hands. The addition in Mr Khosla's hands could not be sustained since the re-opening of h .....

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nding counsel. ORDER ITA 668 of 2015 & CM No. 17302 of 2015 (for condonation of delay in refiling the appeal) 1. The reason for delay of 521 days in re-filing the appeal, as explained in the supplementary affidavit dated 10th May 2016 filed by the Appellant, is that on account of the changed procedure of e-filing of appeals, the delay has occurred. 2. This Court has in a number of similar applications filed by the Revenue rejected this plea explaining that sufficient advance notice had been .....

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3. The appeal has nevertheless also been examined on merits. 4. By assessment order dated 28th December 2007 for the Assessment Year ( AY ) 2001-02, the Assessing Officer ( AO ) made additions in the hands of the Appellant on a protective basis of the sum of ₹ 1,80,32,087 under Section 68 of the Income Tax Act, 1961 ( Act ). The AO disbelieved the case of the Appellant that he received a gift of ₹ 1.8 crores from one Mr. Sanjay Mohan Agarwal and then transferred the money in favour .....

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