2020 (9) TMI 1040

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....dition of Rs. 3,21,07,666/- u/s 68 of the Income Tax Act,1961 (Act). 3. The facts and circumstances under which this appeal arises for consideration are that the Assessee is an individual. During the previous year relevant to assessment year 2015-16 there was an increase in the capital account of the Assessee by a sum of Rs. 3,21,07,666/-. The AO called upon the Assessee to explain the increase in the share capital of the Assessee. The Assessee explained that his son in law Shri Safdar Khatri had given a loan of Rs. 3,21,07,666/- to the Assessee in the previous year relevant to assessment year 2012-13. During the previous year relevant to assessment year 2015-16 i.e. on 25-03-2015 Shri Safdar Khatri gifted unsecured loan to his father in l....

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....on in law on various dates during the FY: 2011-12 relevant to AY: 2012-13 and showed as unsecured loans till AY: 2014-15. 2. Further, it was found that the same amount of unsecured loan was waived on account of gift during the FY: 014-15 relevant to AY: 2015-16. From the details collected during the scrutiny assessment proceedings for AY: 2015-16, it was found that you were not able to prove the source of income and credit worthiness of your son-in-law. 3. In view of the above, I have reasons to believe that the income to the extent of Rs. 3,21,07,666/-chargeable to tax has escaped assessment in this case for the financial year pertaining to AY: 2012-13 within the meaning of the provisions of section 147 of the IT Act, 1961. 7. The Ass....