HC upheld addition for cash payment for shares from unexplained Sources

Jaidayal Prannath Kapur Vs CIT (Madras High Court) The assessment for the Assessment Year under consideration, AY 2002-03, was reopened and notice under Section 148 of the Act was issued. From the findings recorded by the Assessing Officer in the Assessment Order, dated 19.12.2007, we find that, initially, the assessee did not extend full cooperation in the reopened assessment proceedings, and ultimately, notice was issued under Section 142(1) of the Act calling upon the assessee to furnish the details of the source of payment of a sum of Rs.60,63,000/- by cash to M/s. Aditya Securities Ltd., ...