AO is right in position to disallow the unexplained cash credit and unexplained investment

Last updated: 10 May 2012

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
Briefly stated facts of the case are that the assessee an individual derives income from salary, business income and other sources. The assessee’s business premises as well as residential premises were searched u/s 132 of the Income Tax Act, 1961 (the Act) on 9.9.2004 along with other group cases. The return was filed on 31.10.2005 declaring total income at Rs.3,17,200/-. However, the assessment was completed at an income of Rs.10,86,070/- including the addition of unexplained cash credit Rs.3,88,500/- and unexplained investment in diamond jewellery Rs.3,80,374/-, vide order dated 13.12.2006 passed under section 143(3) read with section 153B(b) of the Act. On appeal, the Ld.CIT(A) dismissed the appeal

Citation :
Mr .Hemraj K.Jethani , 103, Sidhar tha Towers, Kopr i Colony, Thane (E) . PAN: ABDPJ4124G APPELLANT V/s Dy. Commissioner of Income Tax, Central Circle-I, Pawar Indl.Estate, Edulji Road, Cherai, Thane(W). RESPONDENT