Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2016 (6) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (6) TMI 116 - PUNJAB AND HARYANA HIGH COURTAddition of unexplained credits under Section 68 - Held that:- Mere filing of confirmation is not enough to prove the genuine credit, would clearly prove that the assessee failed to prove the genuine credit in the matter. The assessee failed to prove the identity of the creditors, their capacity and genuineness of the transaction in the matter. Whatsoever additional evidences were produced before the learned CIT(Appeals) are not sufficient to discharge the onus upon the assessee to prove the genuine credit in the matter. Further the assessee failed to explain why the same were not filed before the Assessing Officer. Therefore, the learned CIT(Appeals) was justified in refusing to admit this additional evidence in the case Shri Guljari Lal for loan of ₹ 2,50,000/-. Even before us no confirmation or any evidence have been filed to prove the genuineness of the credit. It was observed that the additional evidence produced before CIT(A) was not sufficient to discharge the onus upon the assessee to prove the genuine credit in the matter and further that the assessee had also failed to explain as to why the additional evidence could not be produced before the Assessing Officer. It has also been recorded that no independent confirmation of the creditors had been filed by the assessee. Thus, it was concluded that the assessee had booked bogus purchase of construction material in the profit and loss account as no purchase vouchers for a sum of ₹ 5,80,100/- had been produced. Therefore, the learned CIT (Appeals) was justified in confirming additions - Decided against assessee
|