2010 (5) TMI 924

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....D E R Per B. Ramakotaiah, A.M. This appeal by the Revenue is against the order of the CIT(A) XIX, Mumbai dated 06.02.2009. 2. The Revenue has raised 3 grounds on the issue of Rs. 15,27,618/- considered by the A.O. as unexplained cash credit under section 68 of the I.T. Act which was deleted by the CIT(A). 3. Briefly stated, the assessee, who is a partner in firms and also proprietor of....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....l capacity in the business in India and he is also equally well placed abroad and the details were submitted before the CIT(A). The CIT(A), after considering the submissions and evidences deleted the addition by stating as under: - "1.3 I have perused the assessment order, written submissions and the case laws cited by the appellant. Section 68 of the Act has been in the Income-tax Act si....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... is evident from para 5.3 of its submissions forming part of this order. It has comprehensively discharged its onus. The AO has rejected the explanation based on his own subjective opinion and assumption. The same is not backed by any adverse material in the possession of the AO. If the AO harbours doubts of the legitimacy of the gift, he is empowered to carry out thorough investigation. But if th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....k account to prove the creditworthiness. In the absence of creditworthiness of the donor in USA the evidences furnished by the assessee cannot be accepted. 5. The learned counsel referred to various submission made before the CIT(A) and further submitted that the A.O. was not correct in invoking the provisions of section 68 whereas provisions of section 56(2) are applicable for the assessment y....