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2018 (9) TMI 619 - ITAT DELHIAddition on account of unexplained investment in gold coins - Held that:- Assessee did not argue this ground of appeal. In the absence of any explanation or arguments from the side of the assessee, no interference is required in the matter. However, it may be noted that the issue pertains to recovery of unaccounted 13 gold coins found during the course of search, for which, no explanation was made before the authorities below. Whatever explanation was given either for declaring the jewellery in wealth tax return or jewellery possessed by family members was irrelevant to the matter in issue - decided against assessee Addition on account of unexplained cash - Held that:- The assessee could not produce any credible evidence in respect of source of the cash found during the course of search. The assessee explained that cash is available to him out of withdrawals made earlier which was kept for any contingency. However, such explanation was not supported by any cogent evidence. The assessee also tried to explain that cash was declared in the wealth tax return. However, in assessment year under appeal, assessee has declared cash of ₹ 75,612/- in wealth tax returns, therefore, there were no evidence filed by assessee to explain availability of the cash with him and the source thereof. The authorities below were, therefore, justified in considering it to be unexplained cash found during the course of search - decided against assessee Cash received as advance for sale of property - income from undisclosed sources - Search proceedings - Held that:- In the present case, huge unaccounted cash was found and seized during the course of search from assessee which is not disputed by the assessee. Whatever explanation was given by the assessee later on was not supported through any evidence or material on record. Therefore, the authorities below have correctly considered it to be unexplained cash found during the course of search and rightly treated as income of assessee from undisclosed sources. The addition of ₹ 2 lakhs on account of cash found is independent to this issue. Therefore, no telescoping benefit can be given. No interference is called for in the matter. Appeal of the assessee is accordingly dismissed
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