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 →

SAMPATHIRAO APPARAO, SRIKAKULAM Versus WEALTH TAX OFFICER, SRIKAKULAM

2015 (4) TMI 1127 - ANDHRA PRADESH HIGH COURT

Unexplained cash credit - Held that:- In the absence of material evidence, the revenue has treated these advances as a cash available in the hands of the assessees. Similar is the position before us as nothing is placed to prove these facts. Income Tax Appellate Tribunal is right in disbelieving the version of the assessee regarding the advances paid for the purchase of agricultural lands during the relevant years - W.T.A.No.7 OF 2015 - Dated:- 23-4-2015 - SRI KALYAN JYOTI SENGUPTA AND SRI SANJA .....

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 purchase of agricultural lands during the relevant years? 2. Whether in the facts and circumstances of the case, the Income Tax Appellate Tribunal is justified in treating the advances given by the assessee as cash on hand and treating the same as addressable under the Wealth Tax Act? 3. Whether in the facts and circumstances of the case, the Income Tax Appellate Tribunal is justified in disbelieving the proof produced by the assessee to substantiate the advances paid for purchase of agricu .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

el for the appellant and gone through the impugned judgment and order of the learned Tribunal. We are unable to admit this appeal for the following reasons. The learned Tribunal has come to a fact finding, on the issue of unexplained cash credit, in the manner as follows. In all these cases, the assessees have taken a common stand that the agricultural income was accumulated over a period of years 1980-81 from the agricultural income earned from lease hold land but no documentary evidence was fi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

and also the person who cultivate the agricultural land. In the absence of any documentary evidence or otherwise, we are unable to accept the contention of the assessees that they have ever cultivated the agricultural land in any of the years. Since the opening cash balance as on 31.3.2001 was shown by the assessees in their cash flow statement filed before the CIT(A), the onus is upon them to prove the accumulation of the opening balance as on 31.3.2001. Neither before the lower authorities, n .....

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 question of receipt of gift of ₹ 50,000/- in cash, the learned Tribunal has found as follows: Before the lower authorities, the assessee has not filed a satisfactory explanation from whom he has received the gift. Despite of repeated request of the A.O., the assessee could not file the confirmation letters nor could he produce him for examination. Since the assessee could not prove the source of gift properly, the revenue has rightly treated the same as an income from undisclosed sour .....

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