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2014 (11) TMI 760 - AT - Income TaxAddition u/s 68 - Multiple accounts in various branches – Unaccounted black money found by DIT(Inv.) –Whether undisclosed income actually represented disputed settlement amount recoverable from M/s Miraculas Construction P. Ltd. against the leasing charges due – Genuineness of transaction - Held that:- The information in the case of assessee was received from DIT(Inv.) that the assessee company had received ₹ 30,04,500/- from Shattarchi Fin. & Leasing P. Ltd. vide cheque dated 04/05/2003 the case of the assessee was reopened u/s 148 of the IT Act after following due procedure of law and statutory notices were issued to the assesee to give detailed facts regarding the above credit entry - the assessee was unable to prove the identity, genuineness and creditworthiness of the party from whom the amount had been received and could not correlate it to any business activities - assessee has failed to prove that the draft/cheque of ₹ 30 lacs dated 24/05/2003 received by the assessee company from M/s Shattarchi Fin. & Leasing P. Ltd. is recovery of that from M/s Miraculous Const. P. Ltd. The assessee company has failed to prove the source of ₹ 30 lacs credited in its books of account - the assessee has failed to substantiate its claim by filing any documentary evidence - assessee company has also failed to produce the Director of M/s Shattarchi Fin. & Leasing Ltd. and M/s Miraculous Construction P. Ltd. Even assessee has not filed any confirmation or bank account or balance sheet of M/s Miraculous Const. P. Ltd. for substantiating its claim before the Revenue Authority – thus, the order of the CIT(A) is upheld – Decided against assessee.
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