Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2010 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (8) TMI 594 - ITAT, DELHISearch and seizure - Addition - assessee had credited a sum of Rs. 5,50 lakh in the capital account on or about 10-7-2002 - This confirmation does not contain detailed facts about purchase of land, part payments made, and final fate of the agreement - The question of testing the veracity of documents arises only when such documents are prima facie believable - as the documents are unbelievable and the conduct of the parties is against the conduct expected of a normal prudent person, it is held that the assessee has failed to furnish satisfactory explanation regarding the nature and source of the receipt of Rs. 5.50 lakh - In the result, the appeals for both the years are dismissed
|