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2022 (2) TMI 323 - AT - Income TaxUnexplained cash credit u/s 68 - in revised return gross receipts were shown as income from trading business of Grey Fabrics - HELD THAT:- The assessee is a practicing Chartered Accountant and is, therefore, barred from doing any business. Only under certain circumstances, the governing body ICAI permits a practicing Chartered Accountant to do business. However, no such evidence was brought on record. The assessee has been harping upon the revised return which is in-fact an in valid return. Further, even before us the assessee has not brought on record any demonstrative evidence to justify his business activities. There is no evidence of any VAT, GST or permission from Municipality. Nor there are any evidences in respect of purchases/ sales of Gray Fabrics. It appears that the revised return was filed only to cover up the queries raised during the assessment proceedings in respect of cash found to be deposited in various bank accounts. On finding, no demonstrative evidences, we do not find any reason to interfere with the findings of the CIT(A) filed by the assessee is dismissed.
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