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2017 (9) TMI 672 - HC - Income TaxAddition u/s 69A - unexplained source of cash - assessee had sent a cash to one Riyaz Lokhandwala through Angadia firm namely M/s. Rameshkumar Ambalal and Company which was allegedly misappropriated by the employee of the Angadia - Held that:- Learned counsel for the appellant may be correct in contending that the statement of a person recorded by the police authority under section 161 of Cr.P.C would have limited utility. Had this statement been the sole basis for making the addition, we would certainly have examined the issue further. However, the Assessing Officer had other independent and reliable material linking the amount to the appellant. The statement of the partner of the Angadia firm was recorded on oath in which he had stated that the amount was handed over by the assessee to the firm's Bilimora office for delivery at Mumbai. He had in fact produced one out of the two receipts stated to have been issued. There was absolutely no reason for the partner of the firm to make out a false case of the ownership of the amount. In fact the entire issue came to light only when the amount was allegedly misappropriated by the employee of the Angadia which forced the Angadia to file a police complaint. The fact that the FIR was filed at a police station in Mumbai would further suggest that the amount was actually in transit as per the instruction of the sender and would have been misappropriated after it reached Mumbai. - Decided against assessee.
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