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TMI Blog2013 (3) TMI 48X X X X Extracts X X X X X X X X Extracts X X X X ..... n the fact that the donors had filed their Income Tax Return for the Assessment Years 1988-89 to 1991-92 on a single day and further the return for the Gift Tax was filed on 25.08.1992, which was well within the due date. - Decided in favor of assessee. - Income Tax Appeal No. 71 of 2002 - - - Dated:- 10-1-2013 - R.K. Agrawal And B. Amit Sthalekar, JJ. ORDER The present appeal has been filed under section 260A of the Income Tax Act, 1961 (hereinafter referred to as the Act) against the order of Income Tax Appellate Tribunal, Allahabad dated 31.03.2002. The appeal has been admitted vide order dated 14.08.2002 on the following two substantial questions of law. "1. Whether on the facts and in the circumstances of the case, burden ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lea of the appellant and made an addition of Rs. 1,24,000/- and Rs. 1.04,000/- towards unexplained deposit under section 68 of the Act. Feeling aggrieved, the appellant preferred an appeal before the Commissioner of Income Tax (Appeals) Allahabad, who vide order dated 09.03.1995 allowed the appeal and accepted the deposits made by the two partners. He had held that the appellant has been able to discharge its burden to prove the nature of the deposit and its source. The Revenue feeling aggrieved preferred an appeal before the Income Tax Appellate Tribunal. The Tribunal by the impugned order had allowed the appeal and reversed the order of the Commissioner of Income Tax (Appeals). We have heard the learned counsel for the parties. Le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h the credit-worthiness of the donor and, therefore, the Tribunal had rightly held it to be added under section 68 of the Act as unexplained deposits. We have given our thoughtful consideration to the various pleas raised by the learned counsel for the parties. We find that it is not in dispute that the aforesaid two amounts have been deposited by the two partners in their capital account. The partners are income tax payee. They have explained the source as having received gift from various persons, who have also filed their Income Tax Returns and have been assessed accordingly. Merely because, the donors are weavers and they own only one loom would not make any difference. They have filed their Income Tax Returns and have also filed the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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