1980 (2) TMI 39

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....been referred to this court at the instance of the revenue by the Income-tax Appellate Tribunal, Chandigarh: " Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in deleting the addition of Rs. 26,386 made by the Income-tax Officer and sustained by the Appellate Assistant Commissioner of Income-tax ? " The total income of the assess....

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....ng to the speculation business. The addition of the remaining amount was challenged on the ground that the explanation of the assessee as to its source had been erroneously rejected by the assessing authority. The Tribunal, however, refused to go into the adequacy of the assessee's explanation as to the source of the said amount and ordered its deletion on the ground that there was no presumption ....

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....t was held (p. 4): " ... that the onus of proving the source of a sum of money found to have been received by the assessee is on him. If he disputes liability for tax, it is for him to show either that the receipt was not income or that if it was, it was exempt from taxation under the provisions of the Act. In the absence of such proof, the Income-tax Officer is entitled to treat it as taxable ....