9911796707
TMI Blog2013 (12) TMI 723X X X X Extracts X X X X X X X X Extracts X X X X ..... the Income Tax Appellate Tribunal is justified in law in deleting the addition of Rs. 70,02,178/- made u/s 69-A of the Act ignoring the fact that the assessee failed to discharge the burden which lay on assessee when she claimed that the purchased shares on credit from different 207 persons for Rs.91,37,900/-? 2. Whether on the facts and in the circumstances of the case, if the A.O. Had failed to discharge the onus which had shifted on him, the addition could not be deleted by the CIT (A) without the exercise of powers u/s 250(4) of the Act and in that event, the Tribunal was under a legal obligation to restore the issue to the file of the A.O./CIT(A) for the inquiry afresh?" Briefly stated, the facts are that the respondent-assessee is s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erified by the A.O., therefore, the initial burden which lay on the assessee stood discharged. The CIT (A), therefore, allowed the appeal of the assessee. Aggrieved the Department approached the Income Tax Appellate Tribunal. The Tribunal has also in paragraph 6 of its order recorded a clear finding of fact that the A.O. had handed over the summons to the assessee's representative and when there was no response from the persons who were stated to have sold the shares to the assessee, the A.O. proceeded to make the addition under section 69A of the Income Tax Act. The Tribunal held that the details of the shares with distinctive numbers which were transferred by the Company in the name of the assessee, the details of payments, such as, chequ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ks of account and the assessee is unable to give any explanation about the nature and source of acquisition of the money, bullion, jewellery or other valuable articles. In the present case the finding of fact are clearly against the Revenue that the details and other evidences in the nature of cheques, their dates, amounts, particulars of banks and addresses of the persons who are stated to have sold the shares, which have also been transferred by the Company in the name of the assessee and, therefore, the burden which initially lay upon the assessee stood effectively discharged and, therefore no addition ought to have been made. In view of the above, the answer to the substantial questions of law is in favour of the assessee and against ..... X X X X Extracts X X X X X X X X Extracts X X X X
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