TMI Blog2018 (2) TMI 1872X X X X Extracts X X X X X X X X Extracts X X X X ..... have been made on surmises of probabilities. No evidence is brought on record by the A.O. to contradict the evidence filed by the assessee. Such addition cannot be sustained. The assessee has proved the identity, creditworthiness as well as the genuineness of the transactions. Thus all these additions made u/s 68 are deleted Levy of interest u/s 234A and 234B - return income or assessed income - following the propositions of law laid down by the jurisdictional High Court in the case of AJAY PRAKASH VERMA VERSUS INCOME TAX OFFICER, [2013 (1) TMI 140 - JHARKHAND HIGH COURT] , I direct the A.O. to levy interest u/s 234A and 234B only on the income returned by the assessee and not on the income assessed by the A.O. - I.T.A. No. 156/Ran/20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... utation of Taxable income, copy of bank account, gift declaration letter. ₹ 50,000/- (loan) Smt. Asha Devi Sharma (Friend) Cash ITR acknowledgement, Balance Sheet, Computation of Taxable income, gift declaration letter. ₹ 16,000/- (loan) Smt. Anju Gupta (Relative) Cash ITR acknowledgement, Balance Sheet, Computation of Taxable income, gift declaration letter. ₹ 16,000/- (loan) Smt. Savitri Gupta(relative) Cash ITR acknowledgement, Balance Sheet, Computation of Taxable income, Confirmation of loan le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... already observed, the burden cast on the assessee stands discharged the moment the assessee proves the identity of the creditor, his capacity to lend and the genuineness of the transaction. The assessee cannot be further required to prove the source of the money out of which gift was given as laid down by the Hon ble Madras High Court in the case of S. Hastimal vs CIT 49 ITR 273 (Mad). In the present case, I have already seen that the donors have filed their returns of income and such returns of income have been accepted. The source of the donors cannot therefore be gone into in the assessment of the assessee. I am, therefore, of the view that the addition made u/s 68 of the Act, in the facts and circumstances of the present case cannot be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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