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2013 (12) TMI 774 - AT - Income TaxDetermination of profits in the business of wine - Held that:- Income of the assessees in the line of liquor business has to be estimated at 5% cost of sales made by them - Decided against Revenue. Unexplained credit - Held that:- Following Kale Khan Mohammed Hanif Vs. CIT [1963 (2) TMI 33 - SUPREME Court] - The onus of proving the source of a sum of money found to have been received by the assessee is on assessee himself - If he disputes liability for tax, it is for him to show either that the receipt was not income or that if it was, it was exempt from taxation under the provisions of the IT Act - The amounts of the cash credits could be assessed to tax as income from undisclosed sources in addition to the business income computed by estimate - The taxing authorities were not precluded from treating the amounts of the credit entries as income from undisclosed sources simply because the entries appeared in the books of a business whose income they had previously computed on a percentage basis - The issue was restored for fresh adjudication.
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