TaxTMI 
TaxTMI 
2020 (1) TMI 1153
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....urnable forthwith and by consent of the parties, appeal is taken up for final disposal. 3. This Appeal has been preferred by the assessee under section 260-A of the Income Tax Act, 1961, assailing the legality and correctness of the order dated 11.05.2017 passed by the Income Tax Appellate Tribunal, Mumbai Bench "G", Mumbai (Tribunal) in Income Tax Appeal No. 6160/Mum/2016 for the assessment year 2010-11. 4. Short point for consideration in this Appeal is the addition of a sum of Rs. 14 lakhs to the income of the assessee by the Assessing Officer under section 68 of the Income Tax Act, 1961 (briefly, "the Act" hereinafter), as modified by the Tribunal. 5. Assessee is an individual and for the assessment year under consideration, he filed....
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....epted. Accordingly addition of Rs. 14 lakhs was upheld while deleting the addition of Rs. 3 lakhs vide the order dated 11.05.2017. 8. Aggrieved, present appeal has been preferred. 9. Though a number of questions have been proposed by the Appellant as substantial questions of law, we find that the following question covers the controversy in question, which is as under : Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in upholding the addition in respect of unsecured loan of Rs. 14,00,000/- under section 68 of the Act, inspite of the fact that the initial onus laid down on the Appellant was duly discharged ?. 10. Submissions made have been considered. 11. Regarding Smt. Savitri Thakur, it....
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....he Department is as under : "This donor has ostensibly retired from service in 2007 and she has deposited cash of Rs. 9,00,000/- in her bank with SBI, Rae Baraeli on 18.07.2009 before issuing two cheques to Savitri Thakur. She has not filed any return of income admittedly from A.Y. 2008-09. She also claims to receive agricultural income of Rs. 1.5 lacs p.a. which is claimed to be kept in cash with her since several years." 12. At this stage, it would be apposite to advert to section 68 of the Act, relevant portion of which reads as under : "68. Where any sum is found credited in the books of an assessee maintained from any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offer....
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....ment under the law to explain the source of the source. In the instant case, there is no dispute as to the identity of the creditor. There is also no dispute about the genuineness of the transaction. That apart, the creditor has explained as to how the credit was given to the assessee. Thus assessee had discharged the onus which was on him as per the requirement of section 68 of the Act. What the Assessing Officer held was that sources of the source were suspect i.e., he suspected the two sources Shri Rajendra Bahadur Singh and Smt. Sarojini Thakur of the source Smt. Savitri Thakur. 15. In view of discharge of burden by the assessee, burden shifted to the revenue; but revenue could not prove or bring any material to impeach the source of t....