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2016 (6) TMI 287 - AT - Income TaxUnexplained cash credits u/s. 68 on account on account of deposits in banks - identity of the parties he claimed to have received the amounts from - Held that:- As seen that the fact of the assessee’s cash deposits, etc. in his bank account with Abhudya Co-op Bank and SBI was noticed by the AO. It is seen that on being required by the AO to explain these deposits in the bank account, the assessee was unable to substantiate the explanations he put forth and in the process failed to establish the identity and creditworthiness of the creditors who purportedly advanced these amounts to him and the genuineness of the transactions, resulting in the AO holding that cash credits to the extent of ₹ 14,31,647/- to be unexplained in terms of the provisions of section 68 of the Act and bringing them to tax in his hands. On appeal, in remand proceedings also, it is seen that the assessee was once again unable to prove the basic requirements under section 68 of the Act, i.e. the identity of the parties he claimed to have received the amounts from, their creditworthiness and the genuineness of the transactions, resulting in the learned CIT(A) upholding the addition of ₹ 14,31,647/- made by the AO under section 68 of the Act. Before us also, we find that the assessee, except for raising the grounds of appeal has failed to bring on record any material evidence to establish the genuineness of the aforesaid cash credits in the bank account. In this factual matrix of the case, we are of the considered view that no interference is called for from us in the impugned order of the learned CIT(A) and therefore uphold the same - Decided against assessee.
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