1989 (1) TMI 45

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....S. PARIPOORNAN J. -The petitioner is a firm. It is an assessee to income-tax. It is engaged in business as commission agents and wholesale dealers in tea. We are concerned with the assessment year 1979-80. More than one return was filed by the petitioner for the assessment year. The Income-tax Officer found huge cash credits in the names of 77 parties. He further found that the petitioner/assessee....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ade by the, Income-tax Officer. The Revenue as well as the petitioner/assessee filed appeals before the Income-tax Appellate Tribunal. Both the appeals were disposed of by common order dated March 30, 1985, by the Appellate Tribunal. The Appellate Tribunal held that the total addition of Rs. 5,00,000 -Rs. 2,00,000 for the first period and Rs. 3,00,000 for the second period-sustained by the Commiss....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....arties and sold goods to them by filing confirmation letters and by producing them for examination before the authorities. In the absence of any proof adduced by the assessee in respect of the genuineness of both the receipt of money and sale of tea to the parties, the Appellate Tribunal concluded that the Commissioner of Income-tax (Appeals) was justified in sustaining the addition of Rs. 5,00,00....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r of Income-tax (Appeals) was justified in sustaining the addition on the ground of cash credits in the sum of Rs. 5,00,000. The Tribunal found that the assessee did not make any effort to prove that it really received the amounts from the parties and sold goods to them by filing confirmation letters and by producing them for examination before the authorities. In the absence of any proof regardin....