Non Production Of Persons Despite Summons Leads To Inference Of Routing Own Money : ITAT Delhi
2 years, 9 months ago

Non Production Of Persons Despite Summons Leads To Inference Of Routing Own Money : ITAT Delhi

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The Delhi Bench of ITAT, consisting of members G.S. Pannu and K. Narsimha Chary, has ruled that an Assessing Officer has the power to verify transactions beyond the paperwork submitted by the Assessee under Section 68 of the Income Tax Act, 1961. The Assessing Officer had disallowed expenses and made additions to Assessee's income under Section 68 of Income Tax Act, 1961 on the ground that the transaction of loans and advances by an advisory company for investment in the Assessee Company was not genuine. Section 68 of the Income Tax Act, 1961 provides that where any sum is found credited in the books of an assessee for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not satisfactory in the opinion of the Assessing Officer, the sum so credited may be charged to income tax as the income of the assessee in the relevant year. The ITAT observed that the Assessee in the present case had failed to discharge the onus under Section 68 of the Act by not producing the required documentary evidence or the persons summoned by the AO.

History of this topic

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