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2015 (5) TMI 778 - AT - Income TaxUnaccounted cash credit - as per assessee the amount reflects advances received from the customers in respect of supply made to them - CIT(A) confirmed addition - Held that:- Assessee could not place any evidence on record to justify the sales after three years from the receipt of advances. No one can give advance against purchases to be effected after three years. If that be the case, there would have been certain correspondence between the assessee and the purchaser. But neither confirmation nor any evidence was filed to prove the genuineness of the claim. In the absence of any confirmation and other relevant evidence, we find no infirmity in the order of the ld. CIT(A) on this issue and we accordingly confirm the same. - Decided against assessee. Unexplained investments - CIT(A) confirmed addition - Held that:- Since the assessee has not placed any evidence on record to explain the source of these assets, we find no infirmity in the order of the ld. CIT(A). Copy of the surrender statement of Shri Kailash Nath Singh Patel is also available on record, wherefrom it is observed that he has made a surrender item-wise under different heads for different assessment years. Since there is no reference with regard to the investment in the assessee’s proprietary concern, no benefit can be given. Accordingly, we find no merit in the assessee’s contentions. - Decided against assessee. Unexplained investment in stock of goods - CIT(A) confirmed the addition - Held that:- Similar is the position before us, as no confirmation was filed to establish that the stock was purchased on credit basis. Therefore, we find no infirmity in the order of the ld. CIT(A), who has rightly confirmed the addition.- Decided against assessee.
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