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2016 (7) TMI 680 - HC - Income TaxAddition u/s 68 - burden of proof - Held that:- As during the penalty proceedings assessee had furnished particulars of 19 creditors who had allegedly advanced money to him. Even that letter does not disclose any address with respect to 8 of the creditors and the creditors whose addresses were furnished by the assessee were not available, according to the finding recorded by the learned Tribunal at the address indicated by the assessee. We, as such, are unable to attach any importance to the submission advanced by Mr.Jhunjhunwalla. The burden is upon the assessee to prove the necessary ingredients of section 68. Once the assessee failed to do so the consequences were bound to follow. In that view of the matter, both the additions are upheld and the questions formulated at the time of admission of the appeal are, accordingly, answered against the assessee
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