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K.O. Mohandurai Versus The Assistant Commissioner of Income Tax, Central Circle II (1) , Chennai

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

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 .....

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Beauty Apparels is concerned. - Decided against assessee. - Tax Case Appeal No.644 of 2008 - Dated:- 19-8-2015 - MR. V.RAMASUBRAMANIAN MR. T.MATHIVANAN, JJ. For The Appellant : Mr.J.Balachander For The Respondent : Mr.T.R.Senthil Kumar JUDGMENT (Deli .....

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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 ass .....

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isclosed income. 4. Thereafter, notices were issued under Sections 143(2) and 142(1) calling for the sources of investments. Though the assessee furnished a statement of affairs, the sources could not be established. 5. The appellant claimed that the .....

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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 credi .....

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e Tax Appellate Tribunal. The Tribunal also gave an opportunity to the appellant to establish that the money was received from those creditors. But, the appellant was not able to produce any evidence. Therefore, the Tribunal held against the assessee .....

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as admitted on the following questions of law on 07.7.2007: "(i) Whether the Tribunal is correct is sustaining the action of the Assessing Officer in taking the amount of ₹ 10,00,000/- appearing the name of M/s. Beauty Apparels as undisclo .....

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he search and seizure operation conducted against the company in Namakkal, it was found that the appellant had made substantial investments in that company. When called upon to explain, the appellant claimed that a sum of ₹ 10,00,000/- out of t .....

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