Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (5) TMI 508 - AT - Income TaxEstimation of income - Addition u/s 69C of the Act for bogus purchases - HELD THAT:- CIT(A) has followed the finding in the case of Saraswathi Oil Traders versus CIT [2002 (1) TMI 3 - SUPREME COURT] and upheld only additional profit element earned by the assessee on the bogus purchases. In the circumstances, we do not find any error in the order of the Ld. CIT(A) on the issue in dispute and we accordingly, uphold the addition for bogus purchases in all the three assessment years. Addition u/s 68 - negative cash balance in the cash flow statement prepared by the assessee for justifying cash deposits in bank account - HELD THAT:- AO has considered the cash flow statement produced by the assessee to explain the cash deposits in bank account found during the course of the survey proceedings carried out at the premises of the assessee. In such cash flow statement, negative cash balance was observed by the assessee and same was treated as unexplained cash credit. The subsequent computer-generated cash book filed during appellate proceeding before the Ld. CIT(A), has not been accepted in absence of original cash book for verification. In our opinion, in absence of original cash book produced by the assessee, the Ld. CIT(A) is justified in upholding the addition for negative cash balance observed in cash flow statement filed during the course of assessment proceeding. We do not find any error in the order of the Ld. CIT(A) on the issue in dispute and we accordingly uphold the addition made under section 68 of the Act for negative cash balance observed in all the three assessment years. Assessee appeal dismissed.
|