Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

Sanjeev Kumar Versus Commissioner of Income Tax I, Chandigarh and another

2016 (5) TMI 398 - PUNJAB AND HARYANA HIGH COURT

Addition u/s 68 - Held that:- The assessee could not produce any evidence regarding source of deposit of Rs. 25 lacs by Shri Ashok Bansal with him. Under Section 68 of the Act, onus was upon the assessee to prove the identity of the creditor, his credit worthiness and genuineness of the transaction in the matter. Since the assessee failed to produce any documentary evidence regarding the source of the deposit of the amount, the addition was held to be justified - ITA No. 24 of 2016 (O&M) - Dated .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

stances of the case, the orders partly (Annexure A.1), partly (Annexure A.2) and partly (Annexure A.3) are legally sustainable? ii) Whether on the facts and in the circumstances of the case, the learned Income Tax Appellate Tribunal is right in law in upholding the order of the Assessing Officer and CIT(A) Chandigarh with regard to the addition of Rs. 25,00,000/- under section 68 of the Income Tax Act. The appellant filed requisite details with regard to the unsecured loan before the ITAT throug .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ing of steel at Morinda in Ropar district in the State of Punjab under the name and style of M/s Shree Neelkanth Enterprises, Kurali Road, Morinda, District Ropar. The appellant filed his return of Income on 30.9.2009 alongwith audit reports and audited annual accounts as per the provisions of section 44AB of the Act declaring net taxable income at Rs. 3,01,6320/-. The case of the appellant was processed under the provisions of section 143(1) of the Act on 7.9.2010 which was accepted. Subsequent .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

order that it was either Shri Sanjeev Garg, ITP or the brother of the appellant, Shri Bhushan Kumar who attended the proceedings before the Assessing Officer. The appellant never attended the proceedings as he was not well. No reply was filed by the assessee. While completing the assessment, the Assessing Officer made various additions and disallowances. According to the appellant, the additions made other than the addition of Rs. 25,00,000/- under Section 68 of the Act are not under challenge .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

, the assessee filed appeal before the Tribunal. The Tribunal vide order dated 27.8.2015, Annexure A.3 partly allowed the appeal. However, on the issue qua addition of the amount under section 68 of the Act, the findings recorded by the CIT(A) were upheld by the Tribunal. Hence the instant appeal by the assessee. 3. We have heard learned counsel for the appellant. 4. It has been inter alia recorded by the Tribunal after appreciation of entire material on record that the assessee could not produc .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

lenged the addition of Rs. 25,00,000/- on account of cash credit under section 68 of the Act. The brief facts are that assessee had shown unsecured loan of Rs. 25 lacs in the name of Shri Ashok Bansal. The Assessing Officer requested the assessee to furnish confirmation alongwith PAN of Shri Ashok Bansal and proof of his filing income tax return. The Assessing Officer asked the assessee to furnish documentary evidence regarding source of credit in the hands of Shri Ashok Bansal and also to expla .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     bird's eye view     ↓  


|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version