2010 (4) TMI 97

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....)  The revenue is in appeal against the order dated 04.04.2008 passed by the Income-tax Appellate Tribunal in ITA No.2479/D/07 relating to the assessment year 2000-01. Two issues were raised before the Income-tax Appellate Tribunal. One was concerning the validity of the proceedings under Section 147 of the Income-tax Act, 1961 (hereinafter referred to as 'the said Act'). The other was on t....

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....naccounted income of the assessee and made an addition of Rs 24.77 lakhs under Section 68 of the said Act. The Commissioner of Income-tax (Appeals) examined the matter and agreed with the findings of the Assessing Officer with regard to the genuineness of the gifts. According to the Commissioner of Income-tax (Appeals), the gifts were not genuine. One of the reasons, and strangely so, was that gif....

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....us, which was cast upon the assessee, it was incumbent upon the Assessing Officer to prove on the basis of a cogent evidence that the transaction was not genuine. There is no such evidence forthcoming. We find that the conclusions of the Assessing Officer and the Commissioner of Income-tax (Appeals) with regard to the genuineness of the transactions are merely conjectural and are based on surmises....