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of <h1>High Court upholds tax assessment under Section 69C, dismissing appeal for lack of credible explanation</h1> <h3>Vijay Kumar & Company Versus Income Tax Appellate Tribunal</h3> Vijay Kumar & Company Versus Income Tax Appellate Tribunal - TMI Issues:Concurrent findings of facts by the Assessing Officer and lower Appellate Authorities on the amount brought to tax under Section 69C of the Income Tax Act, 1961.Analysis:The appellant-assessee challenged the concurrent findings of facts by the Assessing Officer and lower Appellate Authorities regarding the amount of Rs. 15,55,095/- brought to tax under Section 69C of the Income Tax Act, 1961. The Assessing Officer detected the amount and issued a notice under Section 148 of the Act to the assessee to explain the source of the said amount, which was paid as stamp duties/court fees deposited in the Court related to a property dispute. The appellant failed to provide a satisfactory explanation, leading to the addition of the amount. Both the CIT(A) and the Income Tax Appellate Tribunal (ITAT) upheld the Assessing Officer's decision. The appellant argued that they were not given adequate opportunity to disclose the real sources of the amount, attributing this to repeated suggestions of transferring assessments under Section 127 of the Act.The CIT(A) noted various communications regarding the transfer of the case to New Delhi, emphasizing that the appellant had sufficient opportunities to present their case but failed to do so adequately. The ITAT also observed that the appellant did not provide concrete evidence to support the source of the amount, relying solely on a self-serving affidavit without corroborating details or confirmations from alleged relatives. The ITAT concluded that the appellant's contentions lacked credibility and evidence, thus upholding the lower authorities' decision.The High Court, considering the consistent findings and absence of any substantial legal issue, held that no substantial question of law arose in the appeal under Section 260-A of the Act. Consequently, the appeal was dismissed along with any pending application.
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