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2017 (6) TMI 829 - AT - Income TaxAddition of opening capital carry forwarded from previous year - Held that:- If no evidence or material was produced before the authorities below to show how assessee was having availability of any fund with him or to have any opening capital balance addition is justified. In the absence of any evidence, it is difficult to accept the explanation of the assessee. It is a clear case of building capital and to show opening capital balance. Also suppose any assessee may declare any huge amount in cash flow statement in preceding year which was not subject to scrutiny assessment whether same could be extended benefit to the assessee, the answer would be that such attempt to build capital cannot be accepted unless there was some evidence of record to justify accumulative of funds or the availability of the opening capital balance. - Decided against assessee. Addition on account of sale of trees to Shri Khalil - Held that:- In the absence of any evidence to prove that assessee was owner of popular trees or he has actually sold the popular tree to Mr. Khali, no interference is called for in the matter. Similarly production of receipt and statement recorded by AO orally is not sufficient to discharge onus upon assessee to prove genuineness of the transaction in the matter and actual sale transaction of popular tree. In the absence of any evidence or material on record no interference is called for in the matter. - Decided against assessee.
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