Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (3) TMI 945 - AT - Income TaxAddition u/s 40A - purchase by cash exceeding ₹ 20,000/- on various dates in one bill - exceptional or unavoidable circumstances involved for purchasing the gold and silver - HELD THAT:- Assessee has made payment from April, 2011 to September, 2011 on different dates. Further the case laws relied on by the ld. AR of the assessee is also not applicable in the present case in hand because merely accepting the purchase by the AO, it was duty of the assessee to prove as to whether particular payees have incorporated in their books for computing their profits on the respective sales or not and we also noted from the submission of the assessee that there are contradictory submissions before the authorities below. Considering to the totality of facts and circumstances of the case, the CIT(A) has rightly dismissed the appeal of the assessee. Assessee could not produce external vouchers and some of the entries were supported in the books of accounts of the assessee by way of internal vouchers - HELD THAT:- Assessee has inserted some entries in books of accounts with the support of some internal vouchers and complete bills and vouchers were not produced by the assessee before the revenue authorities. Therefore, we are in agreement with the findings recorded by the CIT(A).
|