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TMI Blog2014 (11) TMI 560X X X X Extracts X X X X X X X X Extracts X X X X ..... p; "Whether, in the facts and circumstances of the case, the ITAT was right in law in upholding the addition of Rs. 3,00,000/- u/s 68 of the Act without properly appreciating facts and without considering the applicability of sec. 68 of the Act?" 2. The appellant filed its return of income for the assessment year 1993-94 on 30.08.1993 declaring total income of Rs. 524/-. Vide order dated 16.03.1995, the Assessing Officer assessed the total income of appellant at 453580/-. The appellant challenged the said order by filing appeal before CIT(A)-II who by order dated 07.12.1995 allowed the appeal and deleted the impugned addition made u/s 68 of the Act. 2.1 Being aggrieved by the order of CIT(A), the respon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax reported in 45 Taxamnn.com 62. He submitted that in fact the Tribunal proportionately discharged the credit in respect of one workman who was produced by the assessee. 5. We have heard learned advocates for both the sides and perused the orders passed by the CIT as well as the Tribunal. The Tribunal in the impugned judgment and order has observed that if the Assessing Officer has failed to notice the credits in the preceding year, perhaps because the assessment was made u/s 143(1) that does not preclude the Officer from scrutinising the accounts in the subsequent assessment year. The Tribunal observed that the addition had been made by the Assessing Officer on the basis of the credits appearing in the books of accounts of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o consideration by the Tribunal at all. This was a very strong factor in support of the explanation tendered by the assessee. 14. The Tribunal, to the contrary, goes on to discuss and question as to why the donor should make a gift to the assessee; the size of the donor's family and availability or otherwise of the amount in hands of the donor; the area of the land held by the donor etc. At best, these could be factors for the donor to be called upon to explain the source of the funds in his hands, but that could not be a ground for disbelieving a gift which had admittedly been received by the assessee as a gift and being treated as undisclosed income of the assessee. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly a part of bogus credits were disclosed as undisclosed income. In such a situation, burden is very heavy on the assessee to prove the genuineness of the credits of rest of the amount, which the assessee has not disclosed in the revised return despite admitted in the voluntary statement recorded on the date of survey. Tribunal noted that the assessee did not produce any such material either before the Assessing Officer or even before the appellate authority. In that view of the matter, the Tribunal was unable to give further relief to the assessee. 8. On merits also, we do not find Tribunal having committed any error to the extent that the assessee could not establish genuineness of the credits b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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