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1 - 10 of 42 (0.77 seconds)Section 68 in The Income Tax Act, 1961 [Entire Act]
The Income Tax Act, 1961
The Indian Evidence Act, 1872
The Gift-Tax Act, 1958
Section 69B in The Income Tax Act, 1961 [Entire Act]
Section 131 in The Income Tax Act, 1961 [Entire Act]
Section 132 in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income-Tax vs Precision Finance Pvt. Ltd. on 14 June, 1993
(b) CIT v. Precision Finance (P) Ltd. (supra). In the said case, there were credits in the names of various persons and it was held that the assessee must prove identity of the creditors and their creditworthiness and that mere furnishing of the particulars was not enough and mere payment by account payee cheque was not sacrosanct nor can it make a non-genuine transaction genuine. It is obvious that the facts in the said case were different and enquiries were conducted through inspector on different dates and it was found that either the file ' did not exist as per details given by the assessee or the record did not tally with facts mentioned by the assessee. Apart from having enquiries made by the inspector several letters were also issued to the assessee bringing to its notice that the loans could not be verified and adequate proof was required and the assessee had not responded. High Court, therefore, held that the Tribunal was riot justified in law in deleting the additions made on account of unexplained credit.
Smt. Bhagwati Devi vs Income-Tax Officer on 26 April, 1993
(iii) Smt. Bhagwati Devi v. Income Tax Officer (supra). In the said case, the assessee received a gift from a foreign resident out of natural love and affection. The amount was brought in by way of demand draft and credited to assessee's account directly with bank. A sworn declaration from donor was also filed by assessee. It was held that in the absence of any proof that the gift was collusive or a dubious device or a subterfuge to evade tax, amount of gift could not be assessed in assessee's hands. It was also held that since the amount of gift was not credited in the books maintained by the assessee, section 68 was not applicable for assessment of such gift.