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2019 (9) TMI 622 - AT - Income TaxScrutiny under CASS - addition of unexplained capital of the partner of the firm u/s 68 - AO also disallowed interest - second round of assessment,the assessee again could not explain the source of capital introduction - HELD THAT:- AO was correct in holding these credits as unexplained in the hands of the assessee and the CIT(A)was justified in confirming the addition as unexplained capital of the assessee firm u/s 68 of the Act. Facts of case on hand demonstrate unexplained cash deposit in the books of account of M/s Verma Service Station P. Ltd. for which neither the assessee firm nor the partners could give any evidence or satisfactory explanation regarding identity and source of such deposits and therefore, disbelieving the contrary explanation offered by the appellant assessee in the two round of proceedings before the Tribunal and the Authorities below without substantiating with corroborative documentary evidences, the addition is confirmed as unexplained capital u/s 68 of the Act in the hands of the firm. Following the jurisdictional Hon’ble Allahabad High Court in the case of Jagmohan Ram Chandra Vs. CIT [2004 (8) TMI 46 - ALLAHABAD HIGH COURT] we hereby upheld the order the ld. CIT(A) and confirmed the addition - Decided against assessee.
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