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2022 (6) TMI 1238 - AT - Income TaxProceedings u/s 153A - addition on account of agricultural income - HELD THAT:- We find that in the impugned order, the learned CIT(A) after considering the submissions of the assessee and findings of the Assessing Officer has dismissed the appeal filed by the assessee both on jurisdiction as well as on merits of the case. In the absence of any contradictory material being available on record, we are of the considered view that the impugned order passed by the learned CIT(A) requires no interference and, therefore, is upheld. Accordingly, grounds raised by the assessee in its appeal for assessment year 2003–04 are dismissed. Addition u/s 68 - Unexplained cash credit u/s 68 - HELD THAT:- the source of the loan and even the source of the sources appear to be all in cash and an arrangement made to explain the credits In the hands of the appellan t- Even the claim of repayment of loan doesn't appear to be genuine as from the bank statement of Prakash Gore in Parvara Sahakari Bank Ltd., It is seen that loan claimed to be repaid to P.N. Yadav and E.K. Kapase on 23/10/2006 occurs after a cash deposit in the same account on the same date. In any case, these so called loan repayments from the above said account appear to be unique when compared to other transactions in the bank account. Also, all these transactions in the bank account had happened subsequent to the ACB search on the appellant's father and the requisition made u/s 132A by the Income Tax Department. Therefore, it can be inferred that this arrangement was made to explain to the authorities the investment in the name of the appellant. Addition confirmed - Decided against assessee.
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