Forgot password
New User/ Regiser
⇒ Register to get Live Demo
2010 (7) TMI 211 - PUNJAB AND HARYANA HIGH COURT
Income from undisclosed sources - the Assessing Officer contended that assessee had purchased a shop for Rs. 24 lakhs jointly with brother and the sourse of investment was not reflected in the books of accounts. The Assessing officer rejected the contention of the assessee that he had done potato business which was evidenced by entries in a dairy found during the survey holding that there was a long gap between the statement made originally on March 21, 2003 and retraction of the statement on May 28, 2003 and the stand taken was an afterthought. The Commissioner (Appeals) upheld the plea of assessee, while the Tribunal rejected. Held that - the assessee failed to produce books of account which may have been maintained during regular course of business or any other authentic contemporaneous evidence of agricultural income. Appeal dismissed.