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2015 (12) TMI 449 - AT - Income TaxUnexplained cash credit under section 68 - Held that:- As is evident, during the relevant previous year, as per assessee's books of account, there is a credit entry showing cash receipt of ₹ 1,03,000 from Shri Hemnani. However, concerned person when confronted by the Assessing Officer admitted of having paid amount of ₹ 48,000, and denied of having paid the balance amount of ₹ 55,000. In support of such claim, he also produced the account copy in the name of the assessee in his books of account as per which the amount paid to him was ₹ 48,000. Though the assessee has claimed that as per his books of account, the amount received in cash from Shri Hemnani, was ₹ 1,03,000, such entries in assessee's books of account without any other corroborative evidence, cannot be considered to be genuine or authentic. It is to be noted in the course of remand proceedings, the Assessing Officer has specifically called upon the assessee to furnish any documentary evidence in support of cash received of ₹ 1,03,000, however, the assessee admitted before the Assessing Officer that he will not be able to furnish any evidence. Thus, when Shri Hemnani, himself stated before the Assessing Officer that he has paid only ₹ 48,000 in cash to the assessee and which is also as per his books of account, the claim of the assessee that he has received ₹ 1,03,000 from the creditor cannot be accepted. In these circumstances, we agree with the learned Commissioner (Appeals) that the credit for the balance amount of ₹ 55,000, as appearing in the name of Shri Hemnani, has to be treated as unexplained cash credit under section 68 of the Act. - Decided against assessee Addition of an amount claimed to have been received from Shri Premji Maroo and Shri Jaideep Patel, respectively - Held that:- Assessee failed to produce any substantive evidence to show that there is in fact any outstanding liability due to the assessee admitted by these two persons or show any correspondence by the assessee with the concerned persons demanding payment of outstanding liability. Thus, in absence of any corroborative evidence to prove the fact that the credits appearing in books of account in relation to the concerned persons are genuine, assessee's claim of having received cash payment cannot be believed on mere face value. Therefore, the assessee having failed to establish the genuineness of the credits, the amounts in question have been rightly treated as unexplained credit of the assessee. As far as the principle laid down in the decision cited by the learned Counsel for the assessee, though we respectfully agree with the principle laid down therein, but those principles cannot be applied to each and every case without examining the relevant facts. As far as the present assessee is concerned, the facts on record clearly demonstrate that the assessee has failed to establish the genuineness of the credits. That being the case, we do not find any reason to interfere with the order of the learned Commissioner (Appeals) on this issue. - Decided against assessee
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