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2018 (8) TMI 1065 - HC - Income TaxAdditions u/s 68 - cash deposits made on different dates in the joint bank account - unexplained cash or not - Nexus with amount withdrawn earlier in different dates - Rejecting the arguments to the assessee, tribunal confirmed the additions - Held that:- The assessee has not filed any explanation about the discrepancy in the cash flow statement. It is not explained when huge cash amount have been withdrawn, why only part amount have been used for construction and if sufficient cash was available to assessee on prior dates, why there is again huge cash withdrawal on subsequent dates without incurring any expenditure on construction. The appellant-assessee had conveniently claimed that entire construction was without any bank transaction or bill, vouchers, etc. This is not plausible. Facts on record are glaring and one-sided. It is obvious that the bills of purchases, payments made to contractor etc. and the accounts relating to construction were held back, as they would have revealed the truth and would not have supported the already weak and tenuous explanation of the appellant-assessee. The reasoning given by the Income Tax Appellate Tribunal is not perverse. It is based and founded on the evidence and material on record. - Additions confirmed - Decided against the assessee.
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