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2017 (4) TMI 1012 - AT - Income TaxUnexplained source of the cash deposits - Held that:- The initial stand of the assessee was that deposits made in M/s. City Union Bank were out of the withdrawals made from the company for purchase of the property. If what Mr. Ganapathy stated is true, the advance of ₹ 30,00,000/- given by him to Shri. Dhanasekar, on behalf of the company would have found a place in the assets of the company as on 31.03.2005. The advance paid for acquiring asset, whether stock in trade or not, has to appear in balance sheet and if it does not appear it only means that there was no such advance given by the company. Just because assessee produced Mr. Ganapathy would not convert whatever he stated as true. Ld. Assessing Officer also specifically noted that Mr. Ganapathy had given vague answers regarding date of receipt of advance back from Mr. Dhanasekar and payment of the money back to assessee or M/s. Tamil Nadu Air Travels Pvt Ltd. Nothing of what has been stated by Mr. Ganapathy was supported by any evidence. The balance sheet of M/s. Tamil Nadu Air Travels Pvt Ltd did not reflect any transaction which assessee claimed. Assessee was unable to substantiate the source of the cash deposits made by him in his bank account.- Decided against assessee.
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