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2012 (11) TMI 7 - AT - Income TaxAddition u/s 68 of the Act – income from undisclosed sources – Held that:- Assessee files confirmations and affidavits and on the other hand the parties are not found at the addresses when the assessing officer issues summons to them - undated confirmations and affidavits must have been obtained by the assessee when pay orders were received from these entities. - Therefore, the contention of the assessee that share application money was genuinely received by the assessee is not proved - Since the creditworthiness and genuineness of the transaction have not been proved - AO was justified in making the addition u/s 68 of the Act – In favor of Revenue
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