2020 (9) TMI 1040

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....ue authorities were justified in making an addition 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 ....

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....n, it is found that you have received Rs. 3.21,07,666/- from your son 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 wit....

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....said documentary evidence which has been accepted by the AO in so far as the Assessee's assessment for AY: 2012-13 the gift in question during the previous year stands explained. In this regard our attention was also drawn to the copy of the gift deed by Assessee's son-in-law which is placed at page-26 of the Assessee's paper book. It was also highlighted that the order of assessment for A.Y. 2012-13 was passed after the impugned order of CIT(A). The ld. DR relied on the order of the ld.CIT(A). 8. We are of the view that that in the light of the order of assessment dated 14-12-2018 for AY: 2012-13 passed in the case of the Assessee accepting the genuineness of the loan given by the Assessee's son-in-law to the Assessee, the source, capac....