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2013 (9) TMI 966 - HC - Income TaxAddition u/s 68 of the Income Tax Act – Addition of amount of Rs. 20,05,000/- - proof of investment in shares – Held that:- no evidence about the distinctive share numbers or photocopy of share certificates was available, nor any evidence was led to establish that the shares were actually transferred in the name of the assessee. The burden was clearly on the assessee to explain the amount withdrawn by him, and to satisfy the AO - Merely on the basis of the bank account that also belonging to business concern one cannot conclude that the assessee has duly explained the source of the deposit specially when the assessee has not filed Wealth Tax return showing cash in hand amounting to Rs.20,20,000/- as on 31.3.1999 which was chargeable to Wealth Tax – Decided against the Assessee.
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