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2010 (12) TMI 964 - HC - Income Taxunaccounted Cash credit - AO contended that where the creditor did not maintain any personal books of accounts, the Assessing Officer is entitled to enquire and satisfy himself about the sources of money in the hands of the creditor - Held that:- As creditor had admitted to have advanced the money to the assessee, the source of money deposited in the bank account out of which the money was advanced to the assessee was not explained. The mere statement that a sum of Rs.40,000/- was saved out of house-hold expenses is bereft of substance. The lady creditor does not have any source of income and therefore, accumulation of Rs.40,000/- cash, advanced to the assessee, routed through bank account is not satisfactorily explained - substantial question of law is answered against the assessee.
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