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TMI Blog2016 (7) TMI 680X X X X Extracts X X X X X X X X Extracts X X X X ..... shi, Mrs.Soma Chatterjee, Advocates ORDER The Court : The appeal is directed against a judgment and order dated 27th September, 2004 passed by the learned Income Tax Appellate Tribunal "B" Bench, Kolkata in ITA NO.1492/K/02 pertaining to the assessment year 1994-95 by which an appeal preferred by the assessee was dismissed. The assessee has come up in appeal. The following questions of law were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the initial onus of proof as per the decision of the Hon'ble Supreme Court of India ?" Additions were made; (a) on account of alleged share application money (b) on account of money allegedly borrowed by the assessee The learned Tribunal upheld the addition on account of money allegedly borrowed by the assessee for the following amongst other reasons:- "In the instant case the loan cre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ance with the Ld.CIT(A) order will not be fully justified. Even at this stage, the correct address of the loan creditors could not be submitted. In the absence of the same the alleged loan can not be accepted as genuine." The learned Tribunal upheld the addition on account of money alleged received by the assessee on account of share application money for the following amongst other reasons:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... whose addresses were furnished by the assessee were not available, according to the finding recorded by the learned Tribunal at the address indicated by the assessee. We, as such, are unable to attach any importance to the submission advanced by Mr.Jhunjhunwalla. The burden is upon the assessee to prove the necessary ingredients of section 68. Once the assessee failed to do so the consequences wer ..... X X X X Extracts X X X X X X X X Extracts X X X X
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