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2016 (5) TMI 1146 - AT - Income TaxAddition u/s 69A - whether the assessee has explained source and genuineness of the seized amount having been belonging to its sister concern during the assessment proceedings? - Held that:- No plausible explanation has come on record during the assessment proceedings or thereafter as to why the cash book, subsequently relied upon by the assessee, has not been produced before the AO particularly when the assessee company along with its sister concern was operating from the aforesaid office Moreover when the cash book of the year under consideration was suppressed by the assessee intentionally at the time of search and seizure, as is evident from the copy of panchnama, nor produced the same during the assessment proceedings, earlier cash books produced by the assessee company are of no support to its case. The assessee has failed to prove the source of the cash of ₹ 70,00,000/- found and seized from its premises on the basis of search and seizure conducted on 12.08.2007. So, the CIT (A) has rightly dismissed the assessee’s appeal.
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