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2012 (11) TMI 627 - ITAT CHANDIGARHUnexplained Cash Credits - Whether CIT(A)erred in deleting the addition of Rs. 15,00,000/- made on account of unexplained cash introduced, when the assessee as well as creditor failed to prove creditworthiness of the creditor - Held that:- Assesse explained the source before the Assessing Officer and if the Assessing Officer was not satisfied with the explanation regarding sources in the hands of the buyer then action could have been taken against such buyer and the assessee cannot be saddled with the burden to prove the sources in the hands of the purchaser of the property. The theory of casting of burden to prove the sources of source may not be applicable in case of cash creditor where it can be shown that creditor has deposited the cash in his bank account and given loan to a particular person because it can be argued that such person may have given the cash but this theory cannot be applied in case of sale purchase transaction of the property because no person would give the money to other person to show the same as being received back as advance particularly after the execution of agreement to sell. The Assessing Officer is directed to pass on the information to the concerned Assessing Officer for taking appropriate action in the case of Shri Bakhtawar Singh(purchaser) to examine the source of investment of Rs. 15.00 lakhs which is in dispute - CIT(A) has very correctly decided the issue after taking all precautions and nothing wrong with the order of the ld. CIT(A) and the same is confirmed - In the result, appeal filed by the revenue is dismissed.
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