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2020 (12) TMI 1141 - AT - Income TaxUnexplained cash deposits in his bank account - HELD THAT:- The affidavits so filed in absence of necessary corroboration therefore don’t support the creditworthiness of these persons. Further, it has been stated that the cash advance has been given towards purchase of flat, however, there is no mention about the locality, area, etc of such flat for which such amount has been given. The assessee in his return of income has also not disclosed any transaction towards sale of flats. The affidavits so filed therefore don’t represent a clear picture of the actual transaction which is claimed by the assessee in absence of necessary corroboration. The assessee was asked to produce these persons for necessary verification and having failed to produce these persons, it cannot be assumed that the AO has accepted the affidavits so filed. Assessee has failed to discharge the initial onus cast on him in terms of satisfying the test of creditworthiness and genuineness of the transactions so claimed by him and unless the initial onus cast on the assessee is discharged, the burden doesn’t shift on to Revenue to prove otherwise and mere non-issuance of summons doesn’t support the case of the assessee - There is no infirmity in the findings of the ld CIT(A) where the cash deposit has been found not satisfactorily explained and brought to tax in the hands of the assessee as his unexplained income. Appeal of the assessee is dismissed.
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