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2022 (8) TMI 1191 - ITAT MUMBAIAddition u/s 68 - Unexplained cash credit - HELD THAT:- In its return submission assessee has merely relied upon several judicial precedents however did not produce any evidence with respect to the creditworthiness and genuineness of the depositors. According to the provisions of Section 68 it is the duty of the assessee to show if any sum is credited in the books of accounts, the nature and source of such credit is by producing relevant details such as identity of the depositors, creditworthiness of the depositors and genuineness of the transaction of depositing such sum. The assessee has failed to demonstrate the same before the lower authorities. In view of this we do not find any infirmity in the order of the learned that lower authorities in confirming the addition u/s 68 - ground no. 1 of the appeal of the assessee is dismissed. Disallowance u/s 14A - CIT(A) restricted the addition/disallowance only with respect to the administrative expenditure at the rate of 0.5% of the average value of investment whereas the AO made the disallowance of ₹ 45,1927 - HELD THAT:- As the disallowance confirmed by the learned CIT(A) is ₹ 55,511/–. We do not find any infirmity in the order of the learned CIT(A). Accordingly, his order is confirmed. Ground number 2 is dismissed.
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