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2018 (6) TMI 1322 - HC - Income TaxUnexplained cash credit under Section 68 - Held that:- Advances received from the parties at Bhiwandi for supply of yarn is not acceptable. This is particularly in view of the facts as indicated hereinabove while recording its findings the Tribunal particularly found that the return of money was made not to the creditors concerned but to the sister concerns of the Appellant and thereafter the amounts were also withdrawn from the partners and family members of the sister concern. Remand report indicating that the letter similar or identical in nature by all the parties who responded is that reason is similar i.e. the amounts were received for purchase of yarn as an Advance. Thereafter, yarn was not supplied and consequently refund was given. Thus, view taken on the remand report is not perverse. View taken by the authorities under the Act is on the basis evidence before is leading to a finding of fact which is not shown to be perverse. Therefore, the question raised would not give rise to substantial question of law.
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