TaxTMI 
TaxTMI 
2016 (4) TMI 860
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.... made and evidence adduced, thus the order passed deserves to be hold bad in law. 2) In upholding the addition /disallowance of - (i) Rs. 2,00,000/- u/s 68 of the Income Tax Act, 1961 on account of gift received by the assessee without properly appreciating the fact that sources of the same has been duly explained by the assessee, thus the consequent addition sustained by ld. CIT ()A) deserves to be deleted. (ii) Rs. 4,73,000/- u/s 68 of the Income Tax Act, 1961 on account of unsecured loan taken by the assessee without properly appreciating the evidence adduced before him. Thus the addition of Rs. 4,73,000/- confirmed u/s 68 of Income Tax Act, 1961 deserve to be deleted in toto. (iii) Rs. 1,03,000/- on a....
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.... recorded before issuing the notice u/s 148 and merely on the information provided by some other assessing authority the case of the assessee was reopened without application of mind. It is further submitted that the information so gathered was not at all thrashed to arrive at the conclusion that certain income has escaped assessment before issuing the notice u/s 148. 3.1. On merit, it is contended that all the gifts were duly supported with evidence in the form of Gift Deeds and confirmation from the donors. The gifts in question were of small amount, all the particulars about donors were duly submitted with the AO. The lower authorities were of the view that the source of donors was not properly explained which was beyond control of th....
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....o prove the source of the source i.e. from where Shri Kamal Kishore Agarwal has got the amount for giving loan to the appellant. Reliance is placed on the following judicial precedents :- 1. Where the creditors are regular assessees and have also filed their affidavits no addition of such cash credits can be made unless there is sufficient material to disprove the genuineness. CIT vs. Heeralal Chagan Lal, 257 ITR 281 (Raj.) Balbir Sing Tomar (Dr.) vs. ACIT (Raj.HC) 20 TW 546. 2. No addition of cash credit can be made simply on the basis of presumption in the absence of any contrary evidence. Sheon Narain Moharilal vs. ACIT 24 TW 318 (ITAT, Jaipur) 3. Establishing the identity of the cred....
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....saction with the above parties along with their complete address as available in the records of the assessee and further assessee cannot compel the parties to appear before the income tax authorities. Further in confirmation / letter filed by the assessee the party has accepted the transaction with the assessee thus their genuineness should not be doubted. It is further pleaded that the liability in question still continues in the books of account. In these circumstances it cannot be held that the liability of the assessee has ceased u/s 41(1) on notional basis. Therefore, the addition may be deleted. 7. Apropos the amount of Rs. 75,367/-, the AO has disallowed the interest only on the reason that income from shares has not been shown wh....