Sec.69A–Deeming provision cannot be initiated based on suspicion

Brief of the Case Punjab & Haryana High Court held In the case of CIT vs. Shri Jawahar Lal Oswal & others that suspicion and doubt may be the starting point of an investigation but cannot, at the final stage of assessment, take the place of relevant facts, particularly where a deeming provision is sought to be invoked. The principle that governs a deeming provision is that the initial onus lies upon the revenue to raise a prima facie doubt on the basis of credible material. The onus, thereafter, shifts to the assessee to prove that the gift is genuine and if the assessee is unable to ...