Law:

Section:

I. Section 68 of the Income-tax Act, 1961 - Cash credit - Assessment year 2005-06 - Where assessee failed to produce confirmation of gifts by donors, addition made under section 68 as unexplained cash credit was justified [In favour of revenue] The revenue made an addition under section 68 as unexplained cash credit on ground that the assessee had failed to produce confirmation of the gifts by the donors. Held thatthere was substance in the argument of the revenue that the above addition as unexplained cash credit had been rightly made, especially when the gift was received with the rider that if the same was not recognized as gift for any reason, it would be returnable to the donor, whose identity and creditworthiness and genuineness of the transaction were not substantiated by the assessee. II. Section 132 of the Income-tax Act, 1961 - Search and seizure - General - Assessment year 2005-06 - It is not open to assessee to question legality and validity of search and seizure proceedings during assessment proceedings before Assessing Officer or in appeal before Commissioner or Tribunal [In favour of revenue] It is not open to the assessee to question the legality and validity of search and seizure proceedings during assessment proceedings before the Assessing Officer or in appeal before the Commissioner or the Tribunal. CASE REVIEW CIT v. Paras Rice Mills[2009] 312 ITR 182 (P&H) and Gaya Prasad Pathak v. Asstt. CIT[2007] 290 ITR 128 (MP)followed & relied upon. CASES REFERRED TO Ajit Jain v. Union of India[2000] 242 ITR 302 (Delhi), Arihant Builders, Developers and Investors (P.) Ltd. v.ITAT[2005] 277 ITR 239 (MP), Berger Paints India Ltd. v. CIT[2004] 266 ITR 99 (SC)/2 RC 702, CIT v. Smt. Chitra Devi Soni[2009] 313 ITR 174 (Raj.), CIT v. J.K. Charitable Trust[2009] 308 ITR 161 (SC), CIT v. Paras Rice Mills[2009] 313 ITR 182 (Punj. & Har.), Gaya Prasad Pathak v. Asstt. CIT[2007] 290 ITR 128 (MP), Lalji Haridasv. ITO[1961] 43 ITR 387 (SC), M.B. Lal v. CIT[2005] 279 ITR 298 (Delhi), Suncity Alloys (P.) Ltd. v. Asstt. CIT[2009] 124 TTJ (Jd) 674/27 DTR 139 and Union of India v. Ajit Jain[2003] 260 ITR 80 (SC). S. Rajeshwara Rao for the Appellant. Rajeev…

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