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2017 (6) TMI 134 - AT - Income TaxUnexplained cash deposits in the bank account - source of advance money receipt - Held that:- Assessee failed to produce any evidence if any genuine agreement to sell was executed for taking advance of ₹ 22,00,000/- and also failed to produce any source of the receipt of advance of ₹ 22,00,000/-. No confirmation from the purchaser was filed and the purchaser was not produce to verify receipt of advance of ₹ 22,00,000/-. The GPA holder has already shown his inability to produce nay documentary evidence of source and mode of payment of advance money. The assessee therefore miserably failed to explain the source of advance money receipt of ₹ 22,00,000/- from Shri Kulbir Singh. No documentary evidence is also filed before the Tribunal to substantiate the explanation filed before the authorities below. The contention and case law relied upon by the Ld. Counsel for the assessee would not support the case of the assessee because the genuineness of the agreement to sell itself is in doubt and assessee also failed to explain the source of the cash deposits of ₹ 21,54,000/- in the bank account of the assessee. No interference is therefore called for in the matter. It may also be noted here that regarding rest of the amount deposited as cash in the bank account of the assessee, Ld. Counsel for the assessee did not argue the appeal and did not produce any evidence in this regard. In my view assessee has failed to explain the source of cash deposits in his bank account to the extent of ₹ 29,12,240/-, therefore, the appeal of the assessee has no merit the same is accordingly dismissed. - Decided in favour of revenue
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