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2014 (2) TMI 1330 - AT - Income TaxUnexplained cash entry made in its books of account u/s 69 - Held that:- AO in the previous year could not catch the wrongs done by the assessee with the motive to evade tax but it does not mean that if in the previous year, one wrong is continuously coming from the financial year 2001-02 as in the case of the assessee, and at one stage if the Assessing Officer doubted there is evasion of tax, then he/she can call the explanation of the assessee for the assessment year in his/her hand. Nothing is wrong, if the Assessing Officer stop to continue the wrongs committed by the assessee to watch the interest of the Revenue and the negligence of the previous Assessing Officer should not be continued and should be stopped at one stage as has been stopped by the AO in the present case. In our considered view, learned first appellate authority has wrongly deleted the addition without appreciating the facts of the case on hand. Addition u/s 69C - Held that:- The unsecured loan of ₹ 18,30,000/- shown by the assessee in its balance sheet from some Sh. Ghlam Nabi for the financial year 2005-06 which the assessee has stated to be repaid during the financial year 2006-07 and no credit balance was shown against Sh. Ghulam Nabi for the financial year ending on 31.03.2007. For lack of documentary evidence establishing the identity of Sh. Ghulam Nabi, we hold that the assessee has shown this bogus liability with the intention to evade the tax and has introduced its own money in the books in the garb of unsecured loan. - Decided in favour of revenue
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