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HC upheld ITAT's decision, rejecting the assessee's claims regarding outstanding liabilities in bank accounts. The court found insufficient evidence to substantiate the assessee's contentions about book overdrafts, escrow account transactions, and material purchases. The HC determined that the ITAT's findings were based on factual assessment and did not demonstrate any perversity or illegality. Consequently, the additions made by the AO to the assessee's returned income were maintained, as the claimed transactions were not proven to be genuine or substantiated by documentary evidence.
HC upheld ITAT's decision, rejecting the assessee's claims regarding outstanding liabilities in bank accounts. The court found insufficient evidence to substantiate the assessee's contentions about book overdrafts, escrow account transactions, and material purchases. The HC determined that the ITAT's findings were based on factual assessment and did not demonstrate any perversity or illegality. Consequently, the additions made by the AO to the assessee's returned income were maintained, as the claimed transactions were not proven to be genuine or substantiated by documentary evidence.
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