Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (3) TMI 635 - AT - Income TaxAddition u/s 68 - undisclosed cash deposited in bank account - Held that:- In the instant case though the assessee has furnished list of persons from whom he has collected advances given by the company on behalf of the company, but no confirmation letter of these persons were filed. The assessee has filed copy of the company’s account to corroborate his contentions but to explain the source of deposit, the assessee is required to place evidence or confirmation of the persons who has made payment to the assessee, but no evidence was filed in this regard. Therefore, we are of the view that the assessee has not discharged his onus which primarily lay upon him to explain the source of deposit. We accordingly find ourselves in agreement with the order of the ld. CIT(A) and we confirm the same. So far as another deposit of ₹ 13.20 lakhs is concerned, we find that when the Assessing Officer has asked the assessee to explain the source of these deposits, the assessee has taken a plea that he has received this much of amount as gift from various guests at the time of his marriage. This aspect was examined by the lower authorities in the light of the human probability and came to the conclusion that the assessee does not belong to that family with such a status in which huge amount of ₹ 13.20 lakhs can be received as gift. Moreover, the assessee could not furnish any evidence with regard to the marriage performed at the relevant point of time. During the course of hearing, our attention was invited to the crucial dates on which this amount was received. The amount of ₹ 20 lakhs was deposited in the bank account of the assessee on 29.3.2010, another amount of ₹ 20,000/- was deposited on 29.3.2010 and an amount of ₹ 13 lakhs was deposited on 31.3.2010. The entire amount of ₹ 33.20 lakhs was deposited within a span of three days. During the course of hearing of the appeal the ld. counsel for the assessee was asked to furnish any evidence either in the form of photograph or invitation card with regard to the marriage of the assessee at the relevant point of time, but he could not file any evidence except oral submission. In the absence of any evidence, the story of marriage of the assessee at the relevant point of time cannot be accepted. Therefore, this addition of ₹ 13.20 lakhs can also be made under section 69 of the Act if not under section 68 of the Act relying upon the legal proposition discussed in the foregoing paragraphs. - Decided against assessee
|