Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2012 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (7) TMI 493 - KARNATAKA HIGH COURTChallenging Tribunal's Order in confirming the addition of cash credits u/s 68 - assessee contested that such deposits could have been proceeded against as unexplained investments in terms of section 69 - Held that:- Even in the bank deposits on the security of which amount had been borrowed and the assessee had shown as a credit taken from several persons was a deposit jointly held by the assessee and the persons who were shown as creditors were close relatives such as kith and kin of the assessee. The circumstances weighed with the assessing authority to infer that the explanation is not satisfactory that they were not genuine cash credits, but so indicated in the books of accounts of the assessee - as three authorities below have found that the explanation offered by the assessee to claim that the amount was genuine cash credit was not acceptable find scope for reversing this finding in an appeal under section 260-A - The possibility that the amount would also attract the provisions of section 69 of the Act is not a ground for excluding the applicability of section 68 - against assessee.
|