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2021 (10) TMI 205 - AT - Income TaxAdditional income addition - cash component receipts - settlement deed wherein he had agreed to receive cash amount - addition based on a mere statement recorded u/s.131 - HELD THAT:- All the arguments duly stand submitted in the records since the learned lower authorities had duly brought the other co-director Sri Sreenivasulu for their mutual cross-examination. It is evident therefrom that this taxpayers had surrendered cheques in lieu of cash payment. And also that the corresponding cash receipt(s) and the twin settlement acknowledgment(s) dt.14th March and 11th April, 2008 (pages 32 & 33) duly contained his signatures. Coupled with this, the assessee had duly admitted during cross-examination that had had indeed issued the said receipts as well as corresponding acknowledgment; as the case may be. We conclude in these facts and circumstances that the impugned addition of ₹ 75 lakhs made in assessee’s hands is liable to be affirmed. Ordered accordingly.
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