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2023 (2) TMI 28 - AT - Income TaxValidity of reopening of assessment u/s 147 - addition u/s 68 on account of cash deposited which remained unexplained - HELD THAT:- As correctly held by CIT-A Prima facie there was material available with the AO in the form of information from the from ADIT(lnv.)-02, Kanpur that that huge cash deposits has been credited in the various banks that income had escaped assessment. In spite of number of opportunities afforded, the appellant has not substantiated its assertions raised in the grounds of appeal. Since the appellant has chosen not to attend proceedings before the undersigned or furnished any submission to substantiate the grounds taken, it is held that the AO had validly initiated proceedings by way of issue of notice u/s 148. Commissioner not only considered the factual aspects of the case, while deciding the validity of the initiation of the reassessment proceedings, but also taken into consideration various judgments, and also the amended provisions of Section 147 consequently, we are inclined not to interfere in the conclusion drawn by the learned Commissioner qua initiation of reassessment proceedings and issuance of notice u/s 148 of the Act. Addition u/s 68 - It appears clearly from the orders passed by the authorities below that the Assessee has failed to prove its primary onus lies on it, to prove the identity of the creditor, creditworthiness of the creditor and genuineness of the transaction. Further, the Assessee also failed to substantiate its grounds of appeal qua merits of the case, before the learned Commissioner, therefore, Commissioner in the constrained circumstances, affirmed the addition made by the AO u/s 68 of the Act. Even we do not find any material or reason to controvert the findings of the Ld. Commissioner. Consequently, we are inclined to uphold the order impugned. Appeal filed by the Assessee stands dismissed.
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