2019 (5) TMI 31

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....gh: Mr. Zoheb Hossain, Sr. Std. Counsel.   O R D E R 1. The assessee is aggrieved by the concurrent findings of the lower appellate authorities in respect of addition to the extent of Rs.1,01,62,085/- under Section 68 of the Income Tax Act. 2. The controversy in this case is that the assessee for A.Y. 2010-11 declared total income of Rs. 13,64,060/- as income from business and profes....

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.... proposed housing scheme. It was contended that upon notices issued under Section 133(6) of the Act, all the 40 creditors had responded giving the relevant particulars which included copies of their voter identity cards and affidavits. In the absence of any further enquiry, it is submitted that the addition made could not have been sustained. 4. Learned counsel furthermore submitted that the cr....

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....uineness of the transactions, and third, creditworthiness of the creditor. 5. In this case, the Court is satisfied that while the first element i.e. the identity of the creditors was proved by some material, the other two elements were not established at all. In this regard, the assessee's contentions that the agriculturists were not asked to produce any material to supplement their statement i....