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2017 (10) TMI 66 - KERALA HIGH COURTUnexplained cash credit under Section 68 - whether receipts by the assessee from M/s Vatika Merchants Private Limited were through banking channels? - Held that:- It is obvious from the judgment under review that before the Assessing Officer itself, M/s Vatika Merchants Private Limited had confirmed the transactions between the assessee and M/s Vatika. This was considered by the Assessing Officer and the Assessing Officer treated the receipts as unexplained cash credit for the reason that M/s National Multi Commodity Exchange of India had confirmed that M/s Vatika Merchants (supra) was expelled from the exchange long prior to the transactions in question. Further, it was also confirmed that the assessee is a non-existent client under any member of the exchange. Taking into account, these facts and the fact that the assessee had not produced any material to contradict the statement of the exchange, the Assessing Officer held the claim of generation of commodity trading profit as a sham and a bogus one. Therefore, Annexure-R series of documents now relied on would not improve the case of the assessee in any manner. In any event, the judgment contains the reasons for the conclusions of this Court and if the assessee is aggrieved by those conclusions, the remedy of the assessee is to challenge the judgment before the appellate forum.
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