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2019 (5) TMI 1164 - HC - Income TaxAddition u/s 69 - unexplained investment in the 5 Credit Cards - Assessee submitted that cards was used by his friend Mr.Neelamegan - Affidavit given by Mr.Neelamegan that he never used the Credit Cards and took loan from the Assessee - opportunity of cross examination is not provided - HELD THAT:- The very nature of the transactions involved in the present case by allowing usage of 5 Credit Cards by the Assessee to his alleged friend Mr.Neelamegan and the credit entries given through various Firms named above, in the bank account of the Assessee, created suspicion in the mind of the Assessing Authority and therefore, they called upon the Assessee to prove such credit entries. Despite the opportunity, by way of second round of litigation, provided by the learned Tribunal, it appears that the Assessee failed to prove the credit entries. We are also unable to appreciate the usage of credit cards in the name of the Assessee by third party, which requires signatures of the person concerned using such Credit Cards. Apparently, therefore, all those transactions were undertaken by the third parties on behalf of the Assessee himself and therefore, the defence pleaded by the Assessee that they were allegedly loan taken by Mr.Neelamegan and repayments made by him to the Bank account of the Assessee does not inspire any confidence. In our opinion, therefore, the fact finding Body below have rightly added the said amount in the hands of the Assessee as unexplained income/expenditure of the Assessee. Such addition does not appear to be perverse requiring our consideration u/s 260A. The Appeal is dismissed.
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