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2015 (7) TMI 1305 - ITAT CHANDIGARHReopening of the case u/s 148 - Undisclosed investment - non independent application of mind by the Assessing Officer - Held that:- Investigation Wing provided the information that during the financial year 2001-02 relevant to assessment year 2002-03, the assessee had received bogus accommodation entries - details were also submitted to the Assessing Officer. In my opinion, on the basis of above information, the AO was justified in forming a prima facie opinion or belief that income has escaped assessment in the hands of the assessee. The material before the Assessing Officer was relevant and afforded a live link or nexus to the formation of the belief. The information, so received by the AO, was credible and not a mere gossip. - Decided against assessee Addition u/s 68 - genuineness of the transactions and the creditworthiness of the creditors - Held that:- Neither any bank account statements of S/Shri Vipin Kumar and Ashok Kumar Vindal, nor any proof regarding identity of these persons was furnished. The assessee also failed to produce his bank account statement for assessment year 2002-03. Also in agreement with this observation of the learned CIT (Appeals) that although the assessee has submitted certain documents (not relevant to assessment year 2002-03), he has not been able to establish the genuineness of the transactions and creditworthiness of the creditors. CIT (Appeals) has correctly observed that by merely claiming that the credits were unsecured loans and by submitting confirmations from so called creditors, the genuineness of the transactions cannot be proved. In the instant case, the assessee has miserably failed to prove the creditworthiness of the alleged creditors as well as the genuineness of the transactions. There is no evidence on record to prove the above ingredients of cash credits - decided against assessee.
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