TaxTMI 
TaxTMI 
2022 (2) TMI 1150
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.... assessment year 2009-10. 3.The appellant suggested the following substantial questions of law for consideration of this court: "1.Whether on the facts and circumstances of the case, the addition of Rs. 46,50,000/- has been made without considering that the deposit of cash is in the nature of return of money advanced in prior assessment years; and has no connotation to the income or expenditure incurred by the assessee during the Assessment Year 2009-10? 2.Whether on the facts and circumstances of the case, the addition of Rs. 12,50,000/- has been made without considering that the deposit of cash is in the nature of return of money advanced in prior assessment years; and has no connotation to the income or expenditure i....
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....ppellant's authorised representative appeared and submitted the details. After verification of the same, the Assessing officer passed the assessment order dated 30.12.2011 making certain additions. Challenging the same, the appellant / assessee filed an appeal before the Commissioner of Income Tax (Appeals), who dismissed the appeal and confirmed the assessment order passed by the assessing officer, by order dated 30.10.2013. Aggrieved by the same, the appellant / assessee went on further appeal, which was also dismissed by the Tribunal, by order dated 06.02.2019. Therefore, this tax case appeal by the appellant / assessee. 5.To answer the issues involved herein, this court is inclined to look into the findings recorded by the Tribun....
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....agarajan was examined by the Assessing Officer on 29.12.2011. He admitted before the Assessing officer that he is only acting as real estate agent for brokerage. Even though the said Shri Nagarajan claimed before the Assessing officer during the course of examination that the money said to be received from the assessee was advanced to one proprietor of dying unit at Erode, he could not produce any evidence. For making any advance to the dying unit at Erode as claimed, there was no evidence for the claim of Shri Nagarajan that he received back from the Erode party. The said Shri Nagarajan also claimed that what was received from the assessee is only by cash and not by cheque. But, the assessee claimed before the Assessing Officer that he pai....
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....f Rs. 6,00,000/- from one Shri D.Palanisamy. However, the assessee failed to establish the identity of Shri Palanisamy, creditworthiness of Shri Palanisamy and the genuineness of transaction. In the absence of any details and failure of the assessee to establish the identity of party which is required to be established in respect of cash credit, the CIT(Appeals) has rightly confirmed the addition." IV. Denial of exemption under section 54F "The sale of property to the extent of Rs. 59,27,500/- is not in dispute. The assessee claimed exemption in respect of the property standing in the name of the assessee's wife. Now, the assessing officer found that the assessee's wife is an independent assessee. She herself claim....