2022 (12) TMI 1168

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....arwal Counsel for Respondent :- Gaurav Mahajan Amendment Application The amendment application seeking amendment in the substantial question of law framed in the memo of appeal is found to be formal in nature. No objection has been taken by Sri Krishna Agarwal, learned counsel appearing for the respondent-Revenue. The amendment application is allowed. Necessary amendments be incorpo....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ear. Therefore, what has to be inquired into by the Assessing Officer is about the nature and source of the deposit. If the explanation with regard to the nature and source is found unsatisfactory, only then the amount so credited may be treated is income. Section 68 came up for consideration in the decision in the case of Anil Rice Mill vs. Commissioner of Income Tax reported in 2005 Law Sui....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nature thereof. Three conditions which are required to be proved by the Assessee as per Section 68 of the Income Tax Act, 1961, could not be proved by him. The burden would, therefore, not shift on the revenue, as the assessee has failed to discharge her burden. The assessee has failed to prove the transaction as per Section 68 of the Income Tax Act,1961. No question of law, much less substanti....