2016 (6) TMI 116

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....CHD/2014, for the assessment year 2005-06, claiming following substantial questions of law:- "a) Whether in the present facts and circumstances of the case, the learned ITAT was justified in upholding the addition of Rs. 5,80,100/-? b) Whether in the present facts and circumstances of the case, the order of the learned ITAT is perverse? 3. A few facts relevant for the decision of the controversy involved as available on the record may be noticed. The assessee is a property dealer. He is engaged in the business of booking plots and constructing them in collaboration with Motia group. Search and seizure operation under section 132 of the Act was conducted on 25.2.2009. Notice under section 153A of the Act was issued on 9.7.2009 to th....

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....of the Income Tax Rules, 1962 (in short, "the Rules") for admission of additional evidence. Vide order dated 15.5.2014, Annexure A.2, the CIT(A) rejected the appeal and confirmed the additions made by the Assessing Officer. Still not satisfied, the assessee filed appeal before the Tribunal. Vide order dated 10.2.2015, Annexure A.3, the Tribunal dismissed the appeal. Hence the instant appeal by the assessee-appellant. 4. We have heard learned counsel for the appellant. 5. It has been categorically recorded by the Tribunal after appreciating the evidence on record that the assessee failed to prove the identity of the creditors, their capacity and genuineness of the transactions in the matter. It was observed that the additional evidence....

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.... of Mukat Bricks Kiln Dhodan same copy of the account and copy of the bill and copy of confirmation of the account is filed. The same is the position in respect of Yaseen and Hari Iron and Cement Store. It is therefore clear that in none of the cases the assessee has filed an independent confirmation. All the outstanding balance appearing in the books of account of the assessee are stated to have been from the creditors. Mere confirmation of the account or copy of the account would not prove the genuineness of the credit in the matter. As noted above, since the purchase vouchers qua these parties have not been produced before the Assessing Officer at assessment stage, would prove that the assessee booked bogus purchases in the books of acco....