9911796707
TMI Blog2001 (5) TMI 10X X X X Extracts X X X X X X X X Extracts X X X X ..... urn of income on December 31, 1990, declaring a loss of Rs.1,90,240. The Assessing Officer found certain purchases on November 9, 1989 of Rs.25,000, on November 22, 1989 of Rs.15,000, on December 4, 1989 of Rs.18,000, on December 11, 1989 of Rs.25,000, on December 23, 1989, of Rs.15,000 and on December 25, 1989 of Rs.17,000. The Assessing Officer found that for the said purchases the payments were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as shown on credit and was allegedly advanced out of agricultural income. The Assessing Officer found that the nature and source of credit has not been explained satisfactorily and disallowed the credit and held the income to be from some undisclosed source. Aggrieved by the order of the Assessing Officer an appeal was taken before the Commissioner of Income-tax (Appeals). The appeal was partly al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... addition of Rs.1,50,000 out of the share capital is bad in law. On the facts of the case, the Tribunal has recorded the finding that the assessee had failed to furnish any evidence in support of the explanation that the party had insisted on payment in cash and had expressed unwillingness to render services otherwise. It has also been found on the facts that no case of exceptional or unavoidable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sic). Similarly the ratio of decision in CIT v. Aloo Supply Co. [1980] 121 ITR 680 (Orissa), has different factual matrix to operate. With respect to addition of Rs.1,50,000 it may be seen that the confirmation of the credit advanced by Ramesh Khandelwal was not filed even after notice. It has been found that the assessee had failed to discharge the onus and genuineness of the credit has not bee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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