2014 (10) TMI 69

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.... an assessee since a very long time. She hails from a rich and reputed family, and was married to a doctor, who commanded a fairly good practice at Nidadavolu. She filed the returns for the assessment years 1982-83 to 1988-89 showing not only the income in the form of profits that fell to her share in the partnership business, but also the one, from agriculture. Orders of assessment were passed under Section 143(1) of the Income Tax Act, (for short, the Act) and the matter ended at that. On 30.03.1989, the appellant filed revised returns covering the period 1982-83 to 1988-89, disclosing the extra income from money lending business and receipt of gifts. She has also mentioned that certain items of the properties were purchased from the m....

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....her submits that the resources of the family of the appellant are such that giving and taking of gifts is a matter of course and that, she sold some of the golden ornaments to mobilise resources for purchasing the properties. He contends that the Tribunal proceeded in a hyper- technical manner and has undertaken minute verification of the things, as though it is a case where search was conducted or the assessments were reopened on discovery of the undisclosed income. Sri S.R. Ashok, learned Senior Counsel for the respondent, on the other hand, submits that once the appellant pleaded that she has undertaken money lending business, heavy burden rested upon her to show the sources of income and that she miserably failed in this behalf. He c....

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....basis for the Assessing Officer to doubt the correctness of the facts mentioned by the appellant. As regards gift also, the same view was taken. The respective Commissioners (Appeals), who passed the orders in 2 sets, have taken into account, the financial capacity and family background of the appellant and found that for a person of the status of the appellant, it would not be difficult to mobilise Rs. 30,000/- to commence money lending business. It was clearly mentioned that the parents of the appellant are fairly resourceful and her husband is also a doctor, commanding considerable practice. Accordingly, the income through money lending business was treated as legal and proper. However, they affirmed the view taken by the Assessing Of....