Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (11) TMI 974 - AT - Income TaxBogus expenditure - HELD THAT:- To accept the claim of the assessee bonafide, the assessee has not furnished any evidence as to which loose diamonds was converted into ornaments. Onus is always on the assessee to prove such claim. If at all to accept the submissions of the assessee as genuine then the onus was again on the assessee to furnish documentary evidences regarding transportation of such loose diamonds from the place of delivery to the business premises of the assessee. In this regard the assessee should have furnished the name and address of the person/employee who transported the loose diamonds, the ledger accounts of expenses incurred towards his/her lodging, boarding and travel from Chennai to the place of delivery and bank. No such details were ever furnished either before the AO or before the CIT(A) or even before the Tribunal. No infirmity in the order passed by the CIT(A) in treating the impugned transaction of purchase of diamonds from M/s. Nazar Impex Pvt. Ltd as only an accommodation entry resorted to by the assessee to reduce its taxable income. Accordingly, the ground raised by the assessee stands dismissed.
|