TaxTMI 
TaxTMI 
2022 (6) TMI 662
X X X X Extracts X X X X
X X X X Extracts X X X X
.... in appeal pending before it against assessment order dated 26.12.2008 for the assessment year 2006-07 passed u/s. 144 of the Income Tax Act by ITO, Ward 6(2), New Delhi (hereinafter referred to as the Assessing Officer or Ld. AO)] 2. The facts in brief are that return of Nil income was filed by the assessee on 30.11.2006 and the case was selected for scrutiny. As there was no response from assessee summons u/s. 131 of the Act was issued to the Principle Officer of the assessee on 05.12.2008 for his personal deposition and to furnish the copy of returns for the assessment year 2005-06 and 2006-07, copy of bank statement for the period 01.04.2005 to 31.03.2006 and to produce complete books of accounts. However, no response was received ac....
X X X X Extracts X X X X
X X X X Extracts X X X X
....rmation. Ld. Counsel for the assessee has relied following judgments in support of contention:- 1. Pradham Telecom India Pvt. Ltd. vs. DCIT 2018-TIOL-1983-HC-MUM-IT 2. Seema Jain vs. ACIT [2018] 96 taxmann.com 307 (Delhi) 3. PCIT vs. Bikram Singh [2017] 85 taxmann.com 104 (Delhi)/[2017] 250 Taxman 273 (Delhi)/[2017] 399 ITR 407 (Delhi) 4. Toby Consultants (P.) Ltd. vs. CIT [2010] 324 ITR 338 (Delhi) 5. Sanraj Engineering Pvt. Ltd. vs. CIT (ITA 79/2016) (Delhi) 6. CIT vs. Precision Finance (P.) Ltd. [1995] 82 Taxman 31 (Calcutta)/[1994] 208 ITR 465 (Calcutta)/[1994] 121 CTR 20 (Calcutta) 4.1. On the other hand, Ld. DR submitted that the trail of transaction were duly examined by the ld....
X X X X Extracts X X X X
X X X X Extracts X X X X
....in the hands of Assessee to be unexplained. It appears that the Ld. Tax Authorities below have approached the case on a presumption and probabilities that unaccounted money to extent of Rs. 50 lacs has been deposited in the account of M/s. Jagdamba Wines and traveled to the balance sheet of assessee through bank account of Sh. Jawahar Lal Jaiswal, without appreciating that the Bank account statement of M/s. Jagdamba Wines shows regular transactions of credit and debit of huge cash. Which most likely was due to nature of liquor trade. Similarly in regard to Rs. 1.70 crores given by Sh. Jawahar Lal Jaiswal out of funds received from another company M/s. JHV Sugar Ltd. it has been observed by the Ld. CIT(A) that; "The appellant also s....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... no conclusive finding on evidence that the assessee company may have received its own unaccounted money through these transactions of it's source, Sh. Jawahar Lal Jaiswal. 7. Having considered the citations relied by the Ld. Counsel of Assessee it can be held that the settled proposition of law so far is that when identity of creditor is established then the assessee is not under obligation to establish the source of source of the creditor. It is for this reason that now an amendment has been brought in Section 68 of the Act and which is to take effect from 1st April, 2023 to apply in relation to the assessment year 2023-24 and subsequent assessment years, whereby it is provided that the nature and source of any sum, whether in form....