Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (1) TMI 1332 - AT - Income TaxUnexplained cash credits u/s.68 - amount collected on behalf of its sister concern - Held that:- The assessee has failed to file even details of the cheques bounced in order to discharge its primary onus much less than the substantive burden. Shri Talati at this stage refers to assessee’s huge losses to the tune of ₹ 7,81,61,822/- to plead that there was no need on its part to adopt such a tax evasion method. We find no merit in this plea as this alone cannot form a valid reason to delete the impugned addition wherein the assessee has failed in proving its above stated explanation to have collected consideration in lieu of sale of goods from the payee entity at its sister concern’s behest. We accordingly conclude that all three relevant parameters of identity, genuineness and creditworthiness have not been discharged at assessee’s behest in its endeavor to delete the impugned addition as in Sumati Dayal vs. CIT [1995 (3) TMI 3 - SUPREME Court] holding that such an explanation must satisfy the test of human probabilities. We thus find no reason to interfere in the CIT(A)’s order affirming Assessing Officer’s action making the impugned unexplained cash credits addition - Decided against assessee.
|