TaxTMI 
TaxTMI 
TaxTMI 
2024 (7) TMI 584
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....hat on the facts and circumstances of the case and in law, the order dated 14/03/2024 passed u/s. 250 and assessment order dated 29.08.2016 passed u/s. 143(3) of the Act is incorrect. 2. That on the facts and circumstances of the case and in law, the assessing officer and First Appellate Authority erred in making an addition of Rs. 5,00,000/- being alleged unexplained cash credit under section 68 of the Income Tax Act, 1961. 3. The appellant craves to add, alter or delete any of the above grounds of appeal during the course of appellate proceedings." 2. Succinctly stated, the assessee who is engaged in the business of manufacturing and trading of paddy and rice, had filed his return of income for A.Y. 2014-15 declaring an income of Rs.....
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....ny confidence. Accordingly, the A.O held a firm conviction that the genuineness of the gift transaction was not proved. The A.O had further called upon the assessee to substantiate the authenticity of the gift transaction based on supporting documentary evidence. As the assessee had failed to place on record the requisite documents to substantiate the authenticity of the gift transaction of Rs. 5 lacs, the A.O vide his order passed u/s. 143(3) of the Act dated 29.08.2016 held the same as an unexplained cash credit u/s. 68 of the Act. 4. Aggrieved the assessee carried the matter in appeal before the CIT(Appeals) but without success. As is discernible from the order of the CIT(Appeals), it transpires that as the assessee despite having been ....
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....onal evidence in support of the genuineness of the transaction of Rs. 5,00,000/- claimed as gift from father. In light of the above details of non-compliance and non-pursuance of appeal, reference is made to the following judicial ruling of the Hon'ble Apex Court. In CIT vs. B.N. Bhattacharjee (1977) 113 ITR 461(SC), the Hon'ble Supreme Court while dealing with the issue of pursuing of appeal has stated that "preferring an appeal means more than formally filing it but effectively pursuing it". The Hon'ble ITAT, Delhi, in CIT vs. Multiplan India Pvt. Ltd., as reported in 38 ITD 320 (Delhi), when faced with a similar situation of non-pursuing of appeal dismissed the appeal of Revenue. The law assists those who are vigilant and not....
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....e had discharged the primary onus that was cast upon him to substantiate the authenticity of the gift transaction by placing on record confirmation of the donor a/w. supporting documents therefore, the A.O could not have summarily drawn adverse inferences without placing on record any material proving to the contrary. The Ld. AR in support of his aforesaid contention had relied on the order of a "Division Bench" of the ITAT, Mumbai in the case of Kushal Virendra Tandon Vs. ACIT (2022) 134 taxmann.com 28 (Mumbai-Trib). Referring to the facts involved in the aforementioned case, the Ld. AR submitted that on an identical issue the Tribunal had vacated the addition made by the lower authorities who had recharacterized the gift received by the a....
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....r to summarily dismiss the appeal for non-prosecution. The aforesaid view is fortified by the judgment of the Hon'ble High Court of Bombay in the case of CIT Vs. Premkumar Arjundas Luthra (HUF) (2017) 297 CTR 614 (Bom). In the aforementioned case the Hon'ble High Court had observed as under: "8. From the aforesaid provisions, it is very clear once an appeal is preferred before the CIT(A), then in disposing of the appeal, he is obliged to make such further inquiry that he thinks fit or direct the AO to make further inquiry and report the result of the same to him as found in Sec. 250 of the Act. Further, Sec. 250(6) of the Act obliges the CIT(A) to dispose of an appeal in writing after stating the points for determination and then rend....