2026 (9) TMI 2052

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....his Court dismissed the assessee's appeal on the ground that no substantial question of law arose for consideration against the order of the Income Tax Appellate Tribunal (ITAT), Chennai 'C' Bench, dated 21.08.2015 in ITA.No.296/Mds/ 2015. 2.1. The facts in a nutshell are that the review petitioner (assessee) is an individual engaged in the civil contract business. For the Assessment Year 2007-08, the assessee filed return of income on 13.11.2007, declaring a total income of Rs. 16,27,456/-. 2.2. During a survey conducted on 03.03.2010 under Section 133A of the Income-tax Act, 1961, the Revenue discovered a bank entry of Rs. 10 Crores credited to the assessee's account on 09.02.2007. The assessee explained that the dep....

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....ity. He added that in P.Elango's case, the Tribunal remitted the matter for de novo consideration. In any event, he submitted that the assessee acted merely as an accommodating party and did not keep the sale proceeds. 3.3. Learned counsel for the assessee argued that as per paragraph 17.1 of the judgment of the Supreme Court in Malleeswari v. K. Suguna [2025 SCC OnLine SC 1927], a review application is maintainable on the ground of discovery of new and important matter or evidence. 4.1. Refuting the aforesaid submissions, learned Senior Standing Counsel for the Revenue submits that there is no error apparent on the face of the record to justify a review. 4.2. Learned Standing Counsel drew our attention to paragraph 8 of the ITAT o....

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....ee to establish three essential conditions: (i) Identity of the creditor; (ii) Creditworthiness of the creditor; and (iii) Genuineness of the transaction. The explanation offered by the assessee that he received Rs. 10 Crores as an accommodation entry and passed on Rs. 9.97 Crores to a third party, was tested by the authorities and found completely unsatisfactory. A mere paper arrangement or routing of funds through a personal bank account does not discharge the statutory burden under Section 68 of the Act. 8. The Supreme Court has repeatedly held that Section 68 of the Act places a strict burden of proof on the assessee. Where money is admitted to have entered the assessee's account, the assessee must offer a plausible, evidence-backed ....