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2015 (10) TMI 255 - PUNJAB AND HARYANA HIGH COURT

2015 (10) TMI 255 - PUNJAB AND HARYANA HIGH COURT - TMI - Undisclosed income - credit entry not proved - search and seizure operation - Held that:- It is needless to point out that when an investment made by a person is claimed to have come from a particular source, it is up to the assessee to prove it. In this case, the assessee did not and could not discharge the burden cast upon him. Therefore, the Assessing Officer as well as the Tribunal were right in holding the issue against the appellant .....

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d Mr.J.Balachander, learned counsel for the appellant and Mr.T.R.Senthil Kumar, learned Standing Counsel for the Department. 3. In a search and seizure action initiated by the Department in the premises of a company by name M/s. Sakthi Mayil Finance (P) Ltd. on 29.9.1995, it was found that the appellant assessee had made substantial investments towards share capital and fixed deposits. Therefore, a notice under Section 158-BD of the Act was issued on 16.8.1996 and the assessee filed a return of .....

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ambi Rs.17,82,750.00 6. On the basis of the claim made by the appellant, summons were issued to the so-called creditors. They returned unserved with the endorsement that no such assessee was found. Since no explanation could also be offered as to why the summons could not be served successfully on the creditor, the Assessing Officer passed an order dated 26.8.1997, treating a total amount of ₹ 77,62,070/- as undisclosed income for the block period. However, what was invoked was Section 68. .....

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