2022 (11) TMI 199 - AT - Income Tax
Unexplained cash credit u/s 68 - addition by taking view that there was no closing cash balance in hand in the preceding assessment year as the assessee has himself has shown cash in hand as ‘zero’ - AO treated such opening balance as unexplained cash credit under section 68 - HELD THAT:- CIT(A) confirmed the action of AO by holding that the if any error occurred, it was the duty of assessee to file revised return of income, the that it is a typographical mistake is devoid of merit. Assessee himself has disclosed nil cash balance as on 31.03.2013, so no stretch of imagination the opening cash balance as on 01.04.2015 can be taken at Rs.8,24,191/-.
Assessee made similar submission as made before the lower authorities. However, neither name of such person is disclosed nor any evidence or any letter of corresponding of communication with the persons who has filed return of income and committed such mistake, is filed. The contention of assessee such plea does not inspire confidence. Thus find merit in the submissions of ld DR for the revenue that the business activities of assessee are doubtful and the assessee has raised lame excuse of inadvertent mistake only. Therefore, do not find any merit in the grounds of appeal raised by assessee.