Bombay HC: Wife Humiliating Husband in Front of His Friends is Amounts to Cruelty  ||  Delhi HC Interprets Doctrine of “Compelled Self-Publication”,  ||  Del. HC Issues Summons to Campus Sutra in Trademark Infringement Suit Filed by Footwear Brand Campus  ||  Bombay HC Dismisses PIL Seeking Restraining Order against PRADA  ||  Delhi HC: Cannot Bypass Bar on Revision of Interlocutory Order by Invoking Inherent Jurisdiction  ||  Delhi HC: Prosecutrix’s Refusal to Undergo Medical Examination Weakens the Case  ||  Bom. HC: No Provision under JJ Act that Allows Adoption of a Child of Foreign Citizenship  ||  SC Passes Order to Prevent Russian Mother’s Attempt to Flee with Child  ||  SC: Deprivation of Natural Heir from Will May Not Raise Suspicion  ||  SC: Denying Female Heir Right in Property Only Exacerbates Gender Division    

Sri Birendra Kumar Mohanty vs. JCIT - (Income Tax Appellate Tribunal) (14 Dec 2022)

When the creditors have appeared personally and confirmed the transaction, they cannot be disbelieved

MANU/IF/0142/2022

Direct Taxation

The assessee is an individual, who is deriving salary income and interest in firm. It was the submission that the assessee had acquired certain immovable property during the relevant assessment year for a consideration of Rs.30,40,677. The assessee was called upon to prove the source of the said investment. The assessee had submitted that he has taken loan of Rs.14 lakhs from seven persons. The Assessing officer had treated the genuineness of the transaction as bogus. It was the submission that as the five persons appeared before the AO and confirmed the loan given to the assessee and two persons through sworn the affidavits having given the loan to the assessee, no disallowance was called for. It was the submission that the learned CIT(A) without appreciating the contention of the assessee had rejected the appeal of the assessee.

The Assessing Officer has called for the creditors and five of the creditors have appeared in persons and have confirmed the transaction before the AO. Two persons were unable to appear as they were out of station but filed affidavits sworn by them. When the creditors have appeared personally and confirmed the transaction, then unless there is substantial proof to show that what has been mentioned by the creditors is false, they cannot be disbelieved. It is also to be understood that giving false affidavit is also punishable. Such action has not also been initiated by the Assessing Officer.

In instant circumstances, as the creditors have appeared and have also confirmed the transaction and in respect of two creditors, the affidavits filed, present Tribunal are of the view that, the credits as claimed by the assessee is substantiated and the addition as made by the AO and confirmed by the learned CIT(A) stands deleted. Appeal of the assessee is allowed.

Tags : ASSESSMENT   ADDITION   LEGALITY  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved