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2016 (7) TMI 1290 - HC - Income TaxUnexplained income u/s 68 - failure of one of the partners to satisfactorily explain the source for his capital contribution to the firm - income in the hands of the partners - explanation offered by the assessee that cash entry to the credit of the account of the partner was derived from the sale of agricultural land by the Hindu undivided family for the said partner - Held that:- Since the stand taken was that the amounts had been derived from the sale of agricultural land, the sale deed with regard to such sale was asked by the Assessing Officer and the assessee clearly failed to produce the sale deeds and no other cogent document or evidence could be produced by the assessee to satisfy the Assessing Officer that the partner of the assessee was in a position to contribute such an amount in cash to the assessee-firm. The submission of learned counsel for the appellant that the Assessing Officer cannot look into the source of source can only apply to the case of such third party and not where the party is closely connected with the assessee as in the present case. - Decided in favour of the Revenue
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