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2022 (8) TMI 297 - Income Tax
Addition u/s 68 - Unexplained cash credits - third round of litigation - HELD THAT:- As in second round of litigation being differential between deposit being advance for land from members as is reflected in the Balance Sheet and the statement of deposits raised by assessee from members filed by the assessee during assessment proceedings stood deleted by CIT(A) in second round of litigation and hence this has attained finality.
So far as fresh deposits being advance for land from members raised by assessee from members during the year under consideration, are in the form of cash credits which are recorded in assessee’s books of accounts, and the onus is on the assessee to explain identity and creditworthiness of the creditor and genuineness of the transaction. The assessee has not not submitted any evidences/ explanation to discharge its onus u/s 68 even before us. The assessee did not entered appearance before CIT(A) in third round of litigation and also chose not to appear before us when this appeal was fixed for hearing on 12th July, 2022 as well on 22nd July, 2022 nor adjournment application was filed.
The assessee has not submitted any explanation/ evidences to satisfy the mandate of Section 68 - Even, statement of fact has not been filed before the tribunal, although it is stated to have been filed in Form No. 36. - The onus u/s 68 was on the assessee as the said sum stood credited in its books of accounts, which the assessee failed to discharge. Thus, we find no merit in the appeal filed by the assessee, which stand dismissed