2018 (2) TMI 1872

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.... details of the amounts received by the assessee are as follows: Amount/Natu Re Name of Donner/Creditor Mode of Transaction Documents relied on Rs. 1,10,000/- (loan) Smt. Sweta Gupta (daughter-in-law) By A/c payee Cheque ITR acknowledgement, Balance Sheet, Computation of Taxable income, copy of bank account, confirmation of loan letter. Rs. 1,15,000/- (loan) Smt. Poonam Gupta (daughterin- law) By A/c payee cheque ITR acknowledgement, Balance Sheet, Computation of Taxable income, copy of bank account, confirmation of loan letter. Rs. 50,000/- (loan) Smt. Alka Gupta (daughter-in-law) Cash ITR acknowledgement, Balance Sheet, Computation of Taxable income, copy of bank account, gift declaration le....

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....he aforesaid three facts viz. identity of the creditor, his capacity to advance the loan and the genuineness of the transaction are prima facie established, then the onus shifts onto the department. The A.O. in the present case has found fault with the capacity of the donors to give the gift in question to the assessee. As we have 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 ....