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2020 (3) TMI 1015 - AT - Income TaxUnaccounted income - Advances received - deemed income of the assessee - HELD THAT:- In the present case, the source of the credit is Shri N. Elamaran and Shri Elamaran has confirmed the advance. Therefore, the question of the said advance or the credit being treated as a deemed income of the assessee no more survives. It is also an admitted fact that Shri N. Elamaran has himself offered the amount of ₹ 1.00 crore as his undisclosed income relating to the assessment years 2012-13 and 2013-14. The fact that Shri Elamaran has offered the amount has never been intimated to the assessee and consequently the assessee would under normal circumstances accept the said amount to be his income. That does not make it the income of the assessee. Assessee is very well entitled to prove that it is not his income. In the present case, much more than the assessee proving that it is not his income, it is the Revenue which has produced evidences to show that it is not the income of the assessee. It is the Assessing Officer who has accepted the claim that the amount of ₹ 1.00 crore in respect of which the promissory notes have been issued and found in the course of search is in fact the advance given to the assessee by Shri N. Elamaran. The purpose for which Shri N. Elamaran has given the advance, is also brought out by AO being for the supply of uniform and materials for M/s. Sree Balaji Medical College and Hospital, Chennai. It is the AO who has brought out the fact that Shri N. Elamaran has also offered the said amount of ₹ 1.00 crore as his undisclosed income for the assessment years 2012-13 and 2013-14. When so much of evidences has been produced by the Revenue which is in favour of the assessee, the same cannot be wished away by saying that the amount of ₹ 1.00 crore has been offered by the assessee in his statement and that the said amount should be assessed as the undisclosed income of the assessee also. Further, even the claim of Shri Elamaran that the advances was for the supply of materials for M/s. Sree Balaji Medical College and Hospital, Chennai has not been considered by the Assessing Officer or the learned CIT(A). Thus addition as unaccounted income of the assessee is unsustainable - Decided in favour of assessee.
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