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2023 (2) TMI 148 - ITAT KOLKATAUnexplained cash credit u/s 68 - CIT(A) confirmed this addition observing that the assessee is unable to explain the source of the said sum - HELD THAT:- Undisputed fact is that the alleged sum received during the year and to explain the source thereof neither during the course of assessment proceedings nor during the appellate proceedings before CIT(A) and even during the proceedings before us, no details whatsoever has been filed by the assessee to explain the alleged sum of share application money. The assessee miserably failed to discharge the primary onus casted upon it as per the provisions of Section 68 of the Act. Identity and creditworthiness of the share applicant and genuineness of the transaction has not been proved. Assessee is trying to take shelter on the ground that share capital against the said share application money was allowed in AY 2014-15 and the same was assessed u/s 143(3) of the Act, therefore, addition could not be made for AY 2012-13 in which the said sum is received. We, however, fail to find any merit in this plea taken by the assessee in the grounds of appeal and are of the considered view that since the alleged sum was received during the year, AO was justified in asking the assessee to explain the source of said sum and since the assessee failed to file any documentary evidences and discharge the primary onus casted upon it and could not explain the source of said sum, provisions of Section 68 of the Act are attracted. - Decided against assessee.
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