Case Law Details
Sitaram Ramchanddas Patel Vs ITO (Gujarat High Court)
When the assessee failed to prove the capacity of the concerned persons who alleged to have given the unsecured loan and/or gift, it cannot be said that the learned Tribunal has committed any error in confirming the additions made by the Assessing officer and confirmed by the CIT (Appeals) of Rs.19,92,730/- as unsecured cash credit. Now, so far as submission on behalf of the assessee that all the concerned persons gave their confirmation, the aforesaid confirmations are neither here or there. These confirmations are required to be decided and/or considered along with the capacity / financial capacity of the concerned persons. Mere confirmation alone is not sufficient. In a given case, it may happen that a labourer may give a confirmation of Rs.1 Crore, but ultimately the same is to be decided or considered, considering his paying capacity.
FULL TEXT OF THE HIGH COURT ORDER / JUDGMENT
M.R. Shah, J. – Feeling aggrieved and dissatisfied with the impugned judgment and order dated 02.02.2018 passed by the Income Tax Appellate Tribunal, ‘C’ Bench, Ahmedabad in ITA Appeal No.861/Ahd./2015 for the Assessment Year : 2006-2007, by which the learned Tribunal dismissed the Appeal preferred by the assessee and confirmed the addition made by the Assessing Officer and further confirmed by the learned CIT (Appeals) of Rs.18,26,730/- as unexplained cash credit, the assessee has preferred the present appeal with the following proposed question of law :
Please become a Premium member. If you are already a Premium member, login here to access the full content.
