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Case Law Details

Case Name : K.L. Prasada Rao Vs. ITO (ITAT Visakhapatnam)
Appeal Number : ITA No. 34/VIZ/2015
Date of Judgement/Order : 06/12/2017
Related Assessment Year : 2011-12
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K.L. Prasada Rao Vs. ITO (ITAT Visakhapatnam)

Neither before the assessing officer nor before the learned Commissioner (Appeals), the assessee could prove the source of investment, in fact, no explanation was offered. Thus, additional evidence filed for the first time, cannot be entertained, more particularly on the ground that even the confirmation letters are not sufficient to prove the investment. It is the duty of the assessee to prove the creditworthiness of the parties also, which is absent in the instant case. Having regard to these circumstances, the addition made by the

FULL TEXT OF THE ITAT ORDER IS AS FOLLOWS:-

This appeal is directed against the order passed by the learned Commissioner (Appeals), Visakhapatnam and it pertains to assessment year 2011-12.

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