Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2011 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (2) TMI 980 - ITAT INDOREUnexplained cash credit - assessee has not established the identity of the investors, genuineness of the transactions and creditworthiness of the 2 investors as required under section 68 - It is true that the opinion of the Assessing Officer for not accepting the explanation offered by the assessee as not satisfactory is required to be based on proper appreciation of material and other attending circumstances available on record - Held that:- The law is well settled that the onus of proving the source of a sum of money found to have been received by an assessee is on him - The claim of the assessee is that since the income was below taxable limit, no return was filed - It is pertinent to mention here that out of 18 investors, only 16 were produced and in spite of sufficient opportunity given to the assessee, two shareholders were not produced which cast a cloudy shadow of transaction in respect of these two persons & it is not the case of the assessee that these two persons can be produced now, therefore, there is no infirmity
|