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

2016 (5) TMI 398 - PUNJAB AND HARYANA HIGH COURT - [2016] 385 ITR 493 - 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, .....

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substantial questions of law:- i) Whether in the facts and in the circumstances 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 re .....

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ay be noticed. The appellant-assessee is engaged in the business of trading 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 .....

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r but to complete the assessment on merits. It was further stated in the 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 .....

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ion 68 of the Act was held to be justified. Not satisfied with the order, 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 appr .....

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s recorded by the Tribunal read thus:- 12. On ground No.4, assessee challenged 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 regard .....

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