Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (8) TMI 1441 - AT - Income TaxRevision u/s 263 - unexplained deposits of the assessee u/s 69 - Held that:- Assessee has not filed any evidence to the fact that the assessee was carrying on retail business in steel. When asked by the Bench, he expressed his inability to do so. In absence of the same, source of deposits in the bank account could not be established by the assessee to be out of carrying on retail business in steel by bringing any material on record, the Principal Commissioner of Income Tax was fully justified in treating the entire deposits made in cash as unexplained deposits of the assessee under sec. 69 It is not the case of the Authorized Representative of the assessee that while making the deposits in the bank, the assessee had utilized the withdrawals made on earlier occasions. Therefore, we find no good reason to interfere with the order of the Principal Commissioner of Income Tax - Decided against assessee.
|