https://www.taxtmi.com/caselaws?id=757262 The ITAT Chennai dismissed the assessee's appeal regarding additions of Rs. 125 lacs made during search proceedings. The assessee claimed cash payments were made to shareholders of another entity for facilitation work, but failed to provide adequate evidence or documentation. Despite producing receipts for cheque payments through banking channels, the assessee could not substantiate the claimed cash disbursements to 2500 shareholders. The ITAT held that the assessee failed to discharge the burden of proving that the cash amount did not constitute income, and the assessment based on incriminating material and statements was justified. en-us Thu, 01 Feb 2024 00:00:00 +0530 Wed, 21 Aug 2024 08:57:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757262 The ITAT Chennai dismissed the assessee's appeal regarding additions of Rs. 125 lacs made during search proceedings. The assessee claimed cash payments were made to shareholders of another entity for facilitation work, but failed to provide adequate evidence or documentation. Despite producing receipts for cheque payments through banking channels, the assessee could not substantiate the claimed cash disbursements to 2500 shareholders. The ITAT held that the assessee failed to discharge the burden of proving that the cash amount did not constitute income, and the assessment based on incriminating material and statements was justified. Case-Laws Income Tax Thu, 01 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757262