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2023 (3) TMI 914 - ITAT CHENNAIUnexplained money adding u/s.69A - Cash received on Sale of car - source for cash unexplained - HELD THAT:- The assessee purchased this car only on 18.04.2012 and sold the car to one Mr.Vallinayagam on 07.01.2013, which was actually transferred by RTO on 18.02.2013. Hence, there is no dispute about facts and payment made by Mr.Vallinayagam on 07.01.2013 was repaid by the assessee against loan outstanding of M/s. Mahindra & Mahindra Financial Services Pvt.Ltd.. Hence find no infirmity in the explanation of the assessee and I accept this amount as explained. Jewel gold loan proceeds availed by the assessee’s wife - Assessee drew attention to account statement of assessee of IDBI bank, wherein there is credit entry on account of jewel loan - The assessee tried to explain this entry. But, apart from assessee’s bank statement, he could not submit that this amount has been received against jewel loan. Hence, to that extent, confirm the addition. The appeal of the assessee is partly allowed.
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