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2013 (7) TMI 949 - AT - Income TaxBogus Purchases - Concealment of Income - Rejection of Accounts u/s 145(3) - Onus of Proof on Assessee - The Assessing Officer found that the assessee had not maintained any stock register. Also, purchases were unverifiable and there were serious defects in the books of account. Confirmation, PAN and acknowledgment of return was furnished by the assessee to prove the genuineness of the purchases. - HELD THAT-: Assessee has failed to discharge its burden to prove that the purchases are genuine. This burden could not have been shifted on the revenue merely by providing their Permanent Account Number/acknowledgement of return or showing that the payments in respect of such accommodation entries were made by cheque. Investigation by Assessing officer was in compliance with Section 144 of the act, thus appeal by assessee is rejected.
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