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TMI Blog2015 (10) TMI 255X X X X Extracts X X X X X X X X Extracts X X X X ..... it. In this case, the assessee did not and could not discharge the burden cast upon him. Therefore, the Assessing Officer as well as the Tribunal were right in holding the issue against the appellant insofar as the amount claimed to have been received from Beauty Apparels is concerned. - Decided against assessee. - Tax Case Appeal No.644 of 2008 - - - Dated:- 19-8-2015 - MR. V.RAMASUBRAMANIAN ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the assessee filed a return of income for the block period on 10.9.1996 admitting the undisclosed income. 4. Thereafter, notices were issued under Sections 143(2) and 142(1) calling for the sources of investments. Though the assessee furnished a statement of affairs, the sources could not be established. 5. The appellant claimed that there were loans and liabilities to the extent as fol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Section 68. 7. The assessee filed a statutory appeal before the Income Tax Appellate Tribunal. The Tribunal also gave an opportunity to the appellant to establish that the money was received from those creditors. But, the appellant was not able to produce any evidence. Therefore, the Tribunal held against the assessee insofar as item relating to credit borrowed from Beauty Apparels is concern ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bstantial investments in that company. When called upon to explain, the appellant claimed that a sum of ₹ 10,00,000/- out of the total amount that was unearthed, was received from a company by name Beauty Apparels. The summons issued to Beauty Apparels could not be served on them. The appellant was not able to produce the creditor. The assessee was given an opportunity to furnish the correct ..... X X X X Extracts X X X X X X X X Extracts X X X X
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