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2016 (9) TMI 388 - AT - Income TaxUnexplained investment under section 69 - Held that:- Had it been genuine transaction, the assessee should have been explained the entire transaction between the assessee and Shri Prasad Potluri and the circumstances under which it was paid by Shri Prasad Potluri to the assessee on behalf of Indira Production Pvt. Ltd. Further, the Assessing Officer during the course of assessment requested Indira Production Pvt. Ltd. for the personal appearance and explains it. But, instead of personal appearance before the assessing authority, they opted to send the statement of account, which does not explain itself the nature of transaction between the parties. In our opinion, as rightly pointed out by the ld. DR, the evidence brought on record by the assessee, the assessee has not discharged his burden cast upon him to substantiate the source and genuineness of the transaction. In these circumstances, it is appropriate to hold that the deposit of ₹.30 lakhs in the Dena Bank account has not properly explained. Therefore, the provisions of section 69 of the Act was rightly invoked by the Assessing Officer and confirmed by the ld. CIT(A). - Decided against assessee Adhoc addition towards gross remuneration for “Kushi” – Hindi version of movie - Held that:- Admittedly, in this case, the assessee has filed a statement before us confirming the receipt of income from Narasimha Enterprises owned by Shri Bonny Kapoor for ₹.1,15,96,414/-. In addition to this, it is to be noted that the assessee filed revised statement of income before the Assessing Officer on 28.03.2005 at ₹.1,27,28,414/-. The Assessing Officer has not considered this amount. In our opinion, the amount returned by the assessee in the revised computation of statement is to be accepted at ₹.1,27,28,414/- subject to our finding in para 3.5 herein below and instead of making addition of ₹.1.00 crore by overlooking this revised statement. Accordingly, we direct the Assessing Officer to consider the revised computation of income for the assessment year 2002-03 with reference to the income at ₹.1,27,28,414/- subject to our finding in para 3.5 herein below. In other words, the assessee is not entitled for loss of ₹.11 lakhs in respect of “Kushi” Telugu movie. - Decided in favour of assessee
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