Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (9) TMI 754 - AT - Income TaxUndisclosed cash deposits - Held that:- We find that the claim of the assessee that the deposits in this undisclosed bank account are nothing but sale proceeds and that the withdrawals from these undisclosed bank accounts, were purchases, is not supported by any documentary evidence whatsoever. The assessee has failed to prove its claim. Thus the First Appellate Authority was right in coming to a conclusion that the assessee has failed to discharge the primary onus to prove the source of cash deposits by relying on the decision of Hon’ble Delhi High Court in the case of Indus Valley Promoters vs. CIT [2008 (4) TMI 1 - DELHI HIGH COURT ] and other case laws. Thus we uphold this finding. On the alternative plea of the assessee that, only the peak credit in this account has to be added, we are of the considered opinion that this plea is justified. Consistent with the view taken therein, we set aside the matter to the file of the A.O. with a specific direction that only the peak credit in this bank account should be brought to tax.
|