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2017 (6) TMI 394 - ITAT AHMEDABADUnexplained cash credit u/s.68 - disallowance of Interest paid to depositors - Held that:- The onus is cast upon the assessee to produce the persons and the assessee cannot absolve himself from the onus cast upon him. The mere filing of confirmation and copy of return of income of depositors does not served the purpose unless and until the facts is verified from the depositors. Therefore, the assessee has not fulfilled the onus cast upon him. The ample opportunities have been given to the assessee to produce the persons. Because, in the above background and materials available with the department, it is necessary to verify the depositors in respect of accommodation entries have been received or not from the said depositors. However, the assessee fails to produce the depositors. Therefore, it is established beyond doubt that there is no genuine cash credit and thereby the cash credit remains unexplained. Therefore, the amount deposited during the year amounting to ₹ 9,70,923/- is treated as unexplained cash credit and the same is added to the total income of the assessee u/s 68. Further the assessee has also not furnished the age wise analysis of the opening balance of ₹ 24,71,091/- standing in the name of the above depositors. Therefore, the same is treated as received during the year and added to the total income of the assessee as unexplained cash credit. Moreover, since there is no genuine cash credit in the name of the above 7 depositors, the entered interest amounting to ₹ 1,08,818/- is also disallowed. - Decided in favour of revenue .
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