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2023 (12) TMI 93 - ITAT MUMBAIAddition u/s 68 - cash deposited during the demonetisation period - additional income offered before Hon’ble ITSC - Addition made as assessee failed to furnish the documentary supporting and corroborative evidence in respect, of sources of the cash deposits - despite sufficient opportunity being granted, the assessee could not prove the live link/nexus between the additional income offered to tax before the Hon’ble ITSC and the cash deposited in its bank account - HELD THAT:- We find no merits in the submissions of the assessee. The entire basis of arguments of the assessee appears to be a mere afterthought after receipt of the order dated 30/01/2018, passed by the Hon’ble ITSC u/s 254D(4) - As from the aforesaid table of additional income offered by the assessee before the Hon’ble ITSC, it is evident that the amount pertains to the assessment years 2009-10 to 201617. We are of the considered view that when the said additional income was not at all disclosed earlier by the assessee, the onus cannot be cast on the AO to prove its utilisation by the assessee for any other purpose. Rather, the onus is on the assessee to prove that the said undisclosed additional income was not utilised by it for any other purpose in the aforesaid years and was the source of the deposit in its bank account on 25/11/2016. We find that the decisions relied upon by the AR are factually distinguishable and thus not applicable to the present case. Accordingly, we find no merits in the findings of the CIT(A) and thus the impugned order is set aside. As the assessee failed to establish beyond doubt with any cogent evidence the nature and source of the cash deposit in its bank account, the addition made by the AO u/s 68 of the Act is affirmed. As a result, grounds raised by the Revenue are allowed.
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