9911796707
TMI Blog2020 (9) TMI 1040X X X X Extracts X X X X X X X X Extracts X X X X ..... ned by the revenue authorities for rejecting the plea of the Assessee in AY: 2015-16 is that the credit worthiness and source of income of Assessee s son-in-law has not been established. The gift by the Assessee s son-in-law has never been disputed nor disbelieved. Since the AO has accepted the credit worthiness of the Assessee s son-in-law in Assessee s assessment for AY: 201-13, we are of the view that the sum in question which was added as unexplained u/s 68 of the Act for AY: 2015-16 has to be deleted - Decided in favour of assessee. - ITA No.3043(Bang)/2018 - - - Dated:- 3-7-2020 - Shri N.V. Vasudevan, Vice President And Shri B.R. Baskaran, Accountant Member For the Appellant : Shri Raghavendra Chakravarthy, CA For the Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessing Officer (AO) took the view that the Assessee failed to prove the source of income and credit worthiness of his son in law Shri Safdar Khatri and therefore, a sum of ₹ 3,21,07,666/-was liable to be added u/s 68 of the Act. Accordingly, the aforesaid sum was added to the total income of the Assessee. 5. On appeal by the Assessee the CIT(A) upheld the order of the AO observing that the Assessee failed to establish the credit worthiness of his son in law and mere furnishing of confirmation letters and copy of gift deed was not sufficient to discharge the onus that lies on the Assessee u/s 68 of the Act. 6. Aggrieved by the order of ld.CIT(A() the Assessee preferred the present appeal before the Tribunal. The ld counsel fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee from his son-in-law. Since the credit worthiness, capacity and genuineness of the transaction of loan by the Assessee s son-in-law to the Assessee has been established with regards to AY: 2012-13, the previous year relevant to AY: 2012-13 in which the cash credit was found in the books of accounts of the Assessee, the gift of the very same sum in the previous year relevant to AY: 2015-16 should be accepted. It was also brought to our notice that in the aforesaid proceedings that the Assessee had filed an affidavit of his son-in-law explaining the manner in which the monies totaling ₹ 3,21,07,66/- was paid to the Assessee. The copy of the relevant affidavit of the Assessee and the supporting documents are placed at pages 26 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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