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Satpal Goyal Versus Commissioner of Income Tax (Central) Ludhiana

2016 (6) TMI 116 - PUNJAB AND HARYANA HIGH COURT

Addition of unexplained credits under Section 68 - Held that:- Mere filing of confirmation is not enough to prove the genuine credit, would clearly prove that the assessee failed to prove the genuine credit in the matter. The assessee failed to prove the identity of the creditors, their capacity and genuineness of the transaction in the matter. Whatsoever additional evidences were produced before the learned CIT(Appeals) are not sufficient to discharge the onus upon the assessee to prove the gen .....

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onus upon the assessee to prove the genuine credit in the matter and further that the assessee had also failed to explain as to why the additional evidence could not be produced before the Assessing Officer. It has also been recorded that no independent confirmation of the creditors had been filed by the assessee. Thus, it was concluded that the assessee had booked bogus purchase of construction material in the profit and loss account as no purchase vouchers for a sum of ₹ 5,80,100/- had b .....

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ure A.3 passed by the Income Tax Appellate Tribunal, 'B' Bench, Chandigarh (in short, the Tribunal ) in ITA No.743/CHD/2014, for the assessment year 2005-06, claiming following substantial questions of law:- a) Whether in the present facts and circumstances of the case, the learned ITAT was justified in upholding the addition of ₹ 5,80,100/-? b) Whether in the present facts and circumstances of the case, the order of the learned ITAT is perverse? 3. A few facts relevant for the dec .....

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ssee. The case was taken up for scrutiny. Notice under section 143(2) of the Act was issued to the assessee. Representative of the assessee appeared and furnished the requisite information. The assessee had shown business income from property dealing. The assessee had also shown sundry creditors of ₹ 7,97,600/-. The assessee was required to file certified copy alongwith narration in the books of all the creditors with regard to the amount of ₹ 7,97,600/-. He was also required to furn .....

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600/- Total: ₹ 5,80,100/- The Assessing Officer made the additions on the ground that the assessee failed to provide confirmation or documentary evidence at the time of assessment proceedings. Aggrieved by the order, the assessee filed appeal before the Commissioner of Income Tax (Appeals) [CIT(A)] alongwith application under Rule 46A of the Income Tax Rules, 1962 (in short, the Rules ) for admission of additional evidence. Vide order dated 15.5.2014, Annexure A.2, the CIT(A) rejected the .....

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neness of the transactions in the matter. It was observed that the additional evidence produced before CIT(A) was not sufficient to discharge the onus upon the assessee to prove the genuine credit in the matter and further that the assessee had also failed to explain as to why the additional evidence could not be produced before the Assessing Officer. It has also been recorded that no independent confirmation of the creditors had been filed by the assessee. Thus, it was concluded that the assess .....

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hers for a sum of ₹ 5,80,100/- have been produced. Therefore, there is no question of entering the genuine credit in the books of account. This finding of fact has not been rebutted by the assessee at all. The assessee in the paper book has filed application for admission of additional evidence before the learned CIT(Appeals) in which the assessee sought admission of the confirmation and documentary evidences before the learned CIT(Appeals). However, the same would show that in the case of .....

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