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2013 (10) TMI 76 - HC - Income TaxAddition u/s 69C of the Income Tax Act - source of cash payments towards labour contractor - Held that:- The principal contention urged before us is that the vouchers found in the premises were prepared in lieu of a Bank guarantee has also been rightly rejected by the Tribunal. Assessee had failed to come up with any plausible documentary evidence to suggest that it had in fact obtained the cash vouchers in lieu of bank guarantees and also it had not explained the source of the sum of Rs.15,72,000/- which have been paid on different dates - It was quite evident that such payments were in the nature of cash transactions with its labour contractor outside its books of account - It was not the assessee’s claim that Rs.15 lakhs was part of Rs.30 lakhs which was paid to the sub- contractor. The assessee had also failed to come up with any credible evidence to explain the corresponding Source of income to incur such payments and the same had not also been recorded in its books of account - AO was justified in assessing the said sum of Rs.15,72,000/- in the hands of the assessee – Decided against the Assessee.
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