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TMI Blog2017 (12) TMI 63X X X X Extracts X X X X X X X X Extracts X X X X ..... ed the following substantial questions of law :- "1. Whether on the law and in facts and material available on record the Id. ITAT was correct in confirming the addition u/s. 69 of the Act in the hands of the assessee appellant by ignoring the well settled principal of law that the assessee is not required to prove source of source and in holding that the assessee appellant had not sufficiently discharged the primary onus casted upon him? 2. Whether addition u/s 69 of the Act, which is a deeming provision, could have been sustained against the assessee appellant merely on the basis of hypothetical assumption and presumption?" 3. Counsel for the appellant contended that the Tribunal has committed a serious error inasmuch as the amount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o far as the source is concerned, there is no material on the record to show that the amount came from the coffers of the respondent-firm or that it was tendered in B Calcutta branch of the Central Bank on behalf of the respondent. As regards the destination of the amount, there is nothing to show that it went to the coffers of the respondent. On the contrary, there was positive evidence that the amount was received by B. It would thus follow that both as regards the source as well as the destination of the amount, the material on the record gave no support to the claim of the department." 2. CIT, Ajmer v. Jai Kumar Bakliwal - [2014] 45 Taxmann.com 203 (Raj.) : "The cash creditors appeared to be from small place and it is quite possib ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iate transfer of cheque or clearance of the cheque within a day or two casts a doubt as the transaction appears to be some what doubtful but suspicion howsoever strong it may be is not sufficient itself. On perusal of the facts in the present case, it is observe that the amounts advanced are not substantial and in most of the cases, the amounts are ranging from 25,000 to 90,000 and in some cases, it is exceeding Rs. 1,50,000. On perusal of the facts, it is also apparent that in some of the cases (Uttan Chand Jain, HUF) even the Karta of the HUF and relatives had produced the cash book and their ledger account before the Assessing Officer." 3. Labh Chand Bohra v. ITO - [2010] 189 Taxman 141 (Raj.) : "During the assessment proceedings o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r on general principle, it can be said that once the existence of persons in whose name credits are found in the books of the assessee is proved and such persons own such credits with the assessee still the assessee is to further prove the source from which the creditors could have acquired money to be deposited with him. "11. The fact that the depositors' explanation about the sources wherefrom they acquired the money is not acceptable to the Assessing Officer, it cannot be presumed that the deposits made by such creditors is the money of the assessee himself. There is no warrant for such presumption. In such event if the creditors explanation is found to be not acceptable about such deposits, the investment owned by such persons may be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... explanation furnished by the assessee and making additions of such deposits as income of the asasessee from undisclosed sources by invoking section 68 unless it can be shown by the department that the source of such money comes from the assessee himself or such source could be traced to the assessee itself. Where existence of the creditor was not in doubt and he had admitted to have advanced the loan to the assessee, the fact that the explanation furnished by him about his source of such advancement had not been accepted by the revenue authority could not lead to any presumption that the source of such advance by him emanated from the assessee so as to make addition of the sum in the hands of the assessee." 4. Counsel for the responden ..... X X X X Extracts X X X X X X X X Extracts X X X X
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