Vibhu Aggarwal v. DCIT

MOHAMMAD AYAZ,KOLKATA vs. ITO, WARD - 26(3), KOLKATA , KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: Shri P.M. Jagtap, Am] I.T.A. No. 45/Kol/2018 Assessment Year: 2012-13 Mr. Mohammed Ayaz...................................………………………………………....................Appellant J-30, Fatehpur Village Road, Garden Reach, Kolkata – 700 024. [Pan: Acxpa 6296 P] Income Tax Officer Kolkata...................…………………………………………….............Respondent Ward No. 26(3), Kolkata. Appearances By: Shri S. M. Surana, Advocate Appearing On Behalf Of The Assessee. Shri Robin Choudhury, Addl. Cit Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : May 28, 2018 Date Of Pronouncing The Order : June 22, 2018 Order This Appeal Filed By The Assessee Is Directed Against The Order Of Ld. Cit (Appeals) – 7, Kolkata Dated 25.05.2017 & The Solitary Issue Involved Therein Relates To The Addition Of Rs. 28,55,000/- Made By The Ao Under Section 68 By Treating The Gifts Received By The Assessee As Unexplained Cash Credit Which Is Sustained By The Ld. Cit(A) To The Extent Of Rs. 13,90,000/-.

…not accepting their gifts. In support of this contention, he relied on the decision of Hon’ble Supreme Court in the case of M/s. Mehta Parikh & Co. vs CIT 30 ITR 181 as well as the decision of Hon’ble Calcutta High Court in the case of Taradevi Goenka vs CIT 122 ITR 14. 6. The learned DR, on the other hand, strongly supported the impugned order of the Ld. CIT(A) confirming partly the addition made by the AO under section 68 by treating the relevant gifts as unexplained cash credit. He contended that only a nominal income was declared by the concerned donors in their income tax returns and their balance sheets cl…