Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2016 (7) TMI 525 - CALCUTTA HIGH COURT

2016 (7) TMI 525 - CALCUTTA HIGH COURT - TMI - Addition u/s 69C - undisclosed bank account deposits - Whether the Tribunal was justified upholding the addition to the extent of ₹ 16,15,261/- under section 69 when the authorities below had variously relied upon sections 69A and 69C ? - Held that:- There is no dispute on the fact that that the assessee deposited some thing between ₹ 44 laksh and ₹ 49 lakhs with the bank, which he did not disclose in his return. His explanation wa .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

be made which could have even remotely necessitated a remand. All the facts were there before the learned Tribunal.- Decided against assessee - ITA 9 of 2011 - Dated:- 16-6-2016 - Girish Chandra Gupta And Asha Arora, JJ. For the Appellant : Mr. J.P.Khaitan, Sr.Advocate For the Respondent : Mrs. Smita Das De, Advocate ORDER The Court : This appeal is directed against a judgement and order dated 30TH July, 2010 passed by the learned Income Tax Appellate Tribunal, A Bench, Kolkata in Income Tax App .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

rned Tribunal sustained the addition to the extent of ₹ 16,15,261/- on the basis of the following reasons: 3.7 We further observe that the AO made the addition of ₹ 49 lakhs by observing that there were unexplained expenditure by way of withdrawal from the said bank account of ₹ 42 lakhs. However, on perusal of the details stated by the AO in para 4 at page 3 of the assessment order, the total comes to ₹ 49.09 lakhs. Therefore, the Ld. CIT(A) has considered the aggregate .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

on of the assessee that the assessee made withdrawal from the said bank account and again deposited the same as the assessee could not utilize the withdrawal amount for the purpose of which it was withdrawn. No doubt the assessee has not stated any where the purpose for which the amount was withdrawn from time to time. The assessee has also placed the bank statement at page 7 of the paper book. Considering the said bank statement, the extract of which has been given by the Ld. CIT(A) at page 3 o .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| 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