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TMI Blog2007 (2) TMI 159X X X X Extracts X X X X X X X X Extracts X X X X ..... dgment of the court was delivered by VIJENDER JAIN C. J .— 1. By this order, we propose to dispose of I. T. As. Nos. 356 of 2004, 378 of 2004 and 308 of 2005, as common questions of law are sought to be raised by the Revenue. The facts, however, have been extracted from I. T. A. No. 378 of 2004. 2. The Revenue has filed this appeal. Aggrieved by the order passed by the Income-tax Appellate Tribunal, the following question of law was framed by the Revenue "Whether the hon'ble Income-tax Appellate Tribunal, on the facts and circumstances of the case, has erred in law in confirming the order of the learned Commissioner of Income-tax (Appeals) in deleting the addition of Rs. 1,74,552 by holding that the assessee discharged his on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ioner of Income-tax (Appeals) further held that there was no material or evidence with the Assessing Officer to come to the conclusion that the transaction shown by the assessee was a bogus transaction. The Commissioner of Income-tax (Appeals) further held that if a company was not available at the given address, it cannot conclusively prove that the company was non existent. The decision of the Commissioner of Income-tax (Appeals) was challenged by the Revenue before the Income-tax Appellate Tribunal. The Income-tax Appellate Tribunal, on the basis of the material on record, held that purchase contract note, contract note for sales, distinctive numbers of shares purchased and sold, copy of share certificates and the quotation of shares on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ould be drawn by the Assessing Officer, merely on surmises and conjectures. The Income-tax Appellate Tribunal rightly relied on C. Vasantlal and Co. v. CIT [1962] 45 ITR 206 (SC) ; M. O. Thomakutty v. CIT [ 1958]34 ITR 501 (Ker) and Mukand Singh and Sons v. Presiding Officer, Sales Tax Tribunal [1997] 107 STC 300 (P H). It was for the Assessing Officer, who has reopened the assessment to have sought some evidence on record, to substantiate his formulation of consideration that the assessee has not filed a return bona fide. The Income-tax Appellate Tribunal also took into consideration that it was only on the basis of a presumption that the Assessing Officer concluded that the assessee had paid cash and purchased the cheque. In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nst the evidences on record thus unsustainable in law (c) Whether the Income-tax Appellate Tribunal has misdirected itself in being influenced by irrelevant factors and applying erroneous criteria while deciding the issue of genuineness of the impugned gifts?" 6. In the aforementioned judgment, this court held that onus to establish that the gift was genuine and bona fide lay upon the assessee. The matter at issue was the nature of the gifts of money received by the assessee from non-resident Indians and as there was sufficient material before the Assessing Officer, to doubt the bona fides of the transactions, it was rightly held that the onus to establish the identity of the donor and the genuineness of the gifts lay upon the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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