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2022 (12) TMI 68 - AT - Income TaxAddition 69A - undisclosed income is from business or any other source - unexplained money OR only 8% of the cash deposits has to be brought to tax u/s 44AD treating the same as assessee’s turnover in the business of construction contracts - undisclosed income is from business or any other source - HELD THAT:- The explanation offered by the assessee that such deposits are from his contract business as a plausible explanation in absence of anything contrary on record in terms of any other source of income. Admittedly, the assessee also undertakes civil construction contracts. The partnership firm in which the assessee is a partner is also in the business of construction. The details of the contract work with Ursuline Sister of Mary Immaculate Educational Society were furnished by the assessee. The burden u/s.69A of the Act is only to give a satisfactory explanation. The facts and circumstances of a given case would be sufficient to draw an inference that receipts can be attributed to only business and no other source. The decision in the case of Balchand Ajitkumar [2003 (4) TMI 76 - MADHYA PRADESH HIGH COURT] also supports the plea of the assessee. Therefore accept the plea of the assessee that 8% of the cash deposits/cash credit, be treated as income of assessee from business of civil construction and the said sum be taxed in lieu of taxing the entire cash deposits in the bank account/cash credit.Therefore partly allow all these appeals.
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