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2011 (7) TMI 806 - HC - Income TaxUndisclosed income - the assessee had failed to explain the cash credit. - it is clear that when the persons in whose name credit is shown they themselves denied the transaction, mere production of the demand drafts, would not in any way substantiate the case of the respondent-assessee that sufficient explanation is offered and the finding of the appellate authority and the Tribunal for deleting the undisclosed credit added by the Assessing Officer, is clearly perverse and arbitrary as they have proceeded only on the basis that the demand drafts were produced - Decided against the assessee
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