Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (1) TMI 992 - AT - Income TaxAddition u/s 69 on account of undisclosed investments - Held that:- From findings of Ld.CIT(A) except for the opening cash balance, we do not want to interfere with the other findings of Ld. CIT(A). He has allowed opening cash of ₹ 2,00,000/- for the assessee. In the instant case all the other income as well as cash flow has been taken together for the assessee and his wife. We therefore accepting the same reasoning as given by Ld. CIT(A) are of the view that it would be justified to accept a sum of ₹ 2,50,000/- each as the opening cash balance of both the assessee and his wife. The assessee accordingly gets relief of ₹ 3,00,000/- over and above the relief granted by Ld.CIT(A) of ₹ 3,56,630/-. In the result the addition made u/s 69 of the Act is sustained to ₹ 9,88,370/-. In the result of the assessee are partly allowed. Addition u/s 68 - Held that:- No possible source of income justifying the alleged cash deposit in the bank account of Shri Rajesh Singh Chouhan has been brought on record. Copy of bank account of another lender Shri Mithlesh Singh Chouhan has not been placed on record till date. We therefore in the given facts and circumstances of the case are inclined to confirm the view of the Ld.CIT(A) as the assessee has been unable to prove the creditworthiness of the alleged cash credit of ₹ 4,00,000/-. We, therefore find no infirmity in the orders of Ld.CIT(A) confirming the addition - Decided against assessee Undisclosed interest income addition - assessee has been unable to prove that the interest income earned from fixed deposit receipts were not earned by the him during the year - Held that:- Since the assessee has not shown the interest income of ₹ 51,760/- earned on FDR’s is his return of income, no interference is called for in the findings of Ld. CIT(A) and therefore Ground is dismissed.
|