9911796707
TMI Blog2023 (11) TMI 389X X X X Extracts X X X X X X X X Extracts X X X X ..... se regarding the mode of advance whether by cheque or cash. Though the bank statement produced by the assessee reflects the depositing of 50,00,000/-, but does not indicates as to whom from the said amount has been received. The assessee has not produced any document before the CIT(A) or before us to prove the identity to the creditworthiness of the creditor and the genuineness of the transaction. CIT(A) has also observed that the assessee has failed to explain cash credit within the meaning of section 68 - Thus lower authorities have committed no error and we find no infirmity in the order of the CIT(A). Decided against assessee. - Shri Shamim Yahya, Accountant Member And Shri Yogesh Kumar U.S., Judicial Member For the Appella ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of compensation received on breach of contract in respect of purchase of immovable property and Rs. 50,00,000/- on account of unexplained cash credits. The matter travelled to this Tribunal and the Tribunal vide order dated 29.11.2017, set aside the matter to the file of the AO and accordingly, the AO completed the assessment u/s 254/143(3) dated 26/03/2018 wherein allowed the relief of Rs. 1,00,00,000/- and made addition of Rs. 50,00,000/- u/s 68 of the Act. 5. Aggrieved by the assessment order dated 26/03/2018, the assessee preferred the present appeal before the Ld. CIT(A) and the Ld. CIT(A) vide order dated 30/09/2019, dismissed the appeal filed by the assessee by confirming the addition of Rs. 50,00,000/- made u/s 60 of the Act. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hether by cheque or cash. Though the bank statement produced by the assessee reflects the depositing of 50,00,000/-, but does not indicates as to whom from the said amount has been received. The assessee has not produced any document before the Ld. CIT(A) or before us to prove the identity to the creditworthiness of the creditor and the genuineness of the transaction. The Ld. CIT(A) has also observed that the assessee has failed to explain cash credit of Rs. 50,00,000/- within the meaning of section 68 of the Act . Therefore, in our considered opinion, the lower authorities have committed no error and we find no infirmity in the order of the CIT(A). Accordingly, we find no merit in the grounds of the appeal of the assessee and the same is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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