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2023 (4) TMI 333 - ITAT AHMEDABADAddition u/s 68 - unexpalined share capital - genuineness of the transactions not proved - HELD THAT:- A perusal of the order of the Ld.CIT(A) reveals that the assessee had furnished only the name, address and PAN of the aforesaid two parties to evidence the genuineness of the transactions. Nothing was filed to prove the creditworthiness. CIT(A) has held that the above, therefore, was insufficient for discharging the onus to prove the creditworthiness and genuineness of the said transaction. In the absence of any submissions made on behalf of the assessee before us controverting the aforestated facts as noted by the CIT(A), we see no reason to interfere in the order of CIT(A) who has rightly held that the evidences furnished by the assessee did not establish the creditworthiness of the parties to make the impugned investment in share capital, and the genuineness of the transactions therefore remained unproved. Decided against assessee. Unexplained investment - HELD THAT:- As addition has been made on account of cash payment noted to have been made by the assessee for investment in land; the source of which was not explained. No evidences were filed to the Assessing Officer, nor to the learned CIT(A)explaining the source of investment. CIT(A) has recorded a finding to this effect that the assessee has failed to prove the source of investment in cash in the land purchased. Even additional evidences filed by the assessee were considered by the Ld.CIT(A) and found to be of no relevance - Decided against assessee. Disallowance of employee benefit expenses and other expenses in the absence of any evidence filed by the assessee to substantiate its claim - HELD THAT:- In the absence of representation of the assessee before us, the findings of the Ld.CIT(A) remain un controverted upholding the disallowances - Decided against assessee.
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