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2020 (12) TMI 399 - AT - Income TaxUnexplained investment - HELD THAT:- During the course of assessment proceedings, the assessee firm has accepted the same and in its submission has stated that “we have inspected the seized records and only invoice of ₹ 45,000/- has been issued in name of our firm and related to us”. Further submission of the assessee firm that the payment for such purchase was made by Shri W. R Singhal in his individual capacity is contradictory and in any case, is not supported by any corroborative evidence which has been brought on record. Once the bill is issued in name of the assessee firm and the assessee firm accepts the same and consequent purchase of electronic item, the onus is clearly on the assessee firm to demonstrate through verifiable evidence that such purchases have been done from its disclosed sources of income. In absence of any evidence on record that such purchases were made by the assessee firm from its own disclosed sources, the unexplained investment towards such purchase of ₹ 45,000 is hereby upheld. As far as the other bill no. 1199 of ₹ 175,000/- is concerned, the presumption is not rebutted that the said document was found from the residential premises of Shri S.K Singhal and therefore, any action where so required as per law is to be taken in his individual hands and not in the hands of the assessee firm. Further, we find that there is no mention of the assessee firm’s name on the said bill and thus, there is no basis to hold that the said document belongs to the assessee firm. The addition of ₹ 175,000 is thus deleted
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