TaxTMI 
TaxTMI 
2006 (2) TMI 134
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.... filed under section 260A of the Income-tax Act, 1961 by the assessee against the order passed in I. T. A. Nos. 1579 and 1580(Mds)/96 by the Income-tax Appellate Tribunal, Madras, "D" Bench, raising the following substantial questions of law. "1. Whether the Tribunal is correct in confirming the addition made in the respective assessment years invoking section 69A of the Act in the reopened asses....
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....nara Bank and State Bank of India, Avanashi. The Revenue found a sum of Rs. 2,04,27,106 credited at various branches of State Bank of India and Central Co-operative Bank in the name of the assessee. The assessee explained that the abovesaid amount belonged to one Mr. Verma and one Mr. Jain who came for bleaching work to Mis. United Bleachers Limited. However, the assessee could not provide the add....
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..... Mariappa Goundar withdrew all the money just prior to the date of raid. Therefore, the assessee could have explained before the Assessing Officer to whom the money was paid after the same was withdrawn from the banks. The only claim by the assessee before the Assessing Officer was that the entire money belonged to one Mr. Verma and Mr. Jain of Ahmedabad. According to the assessee, the abovesaid ....
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....he father of the assessee, withdrew the entire money from the banks just prior to the date of the raid. It is clear that the entire money was in the possession of the assessee. The assessee is receiving a small amount as salary. The assessee was not disclosing the true picture of how he came into possession of such huge amount. Since the entire amount was deposited in the assessee's accounts and t....