2023 (1) TMI 407
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....n of the DCIT in making the addition u/s 68 of the I.T. Act of Rs.2,15,925/- on account of undisclosed income in respect of Suisse Bank Account with HSBC Bank Geneva to the returned income is unjust, illegal, arbitrary & against the facts & circumstances of the case. 3. Learned CIT (A) ought to have held that action of the DCIT in making the addition u/s 68 of the I.T. Act of Rs.3,24,310/- on account of undisclosed income in respect of HSBC Bank London for credit entry of GBP 1,000/- and GBP 3,000/- to the returned income is unjust, illegal, arbitrary & against the facts & circumstances of the case." 3. Brief facts of the case are that as per the assessment order the appellant filed his return of income on 31.07.2006 declaring income of ....
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....ed that during the course of recording of statements, vide question no. 14 the appellant was specifically confronted with the paper received from the Investigation Wing which contained the details of his bank account including the fact that it had a balance of USD 4,849/- in the said bank account and also the names of Sh. Kumar Suresh Chander and Ms. Kumar Reeta was maintained in the said paper as "AUTRES PERSONNES LIEES AUX PROFILES CLIENTS", which meant 'other persons linked to the client profile and the appellant confirmed that the above stated two persons were his father and mother respectively and stated that he had no idea of the paper containing his bank account details and also as to .why the names of his parents were appearing ....
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.... received on behalf of M/s. Alipur Films Ltd. of which he was director and the second one was the entry for return of loan which was earlier extended to M/s. Alipur Films Ltd. And vide note sheet entry dated 17.02.2015 the appellant was asked to substantiate the claim that the two credit entries were relating to M/s. Alipur Films Ltd. and the same were reflected in the books of account of the appellant. The AO has recorded that vide submission dated 20.02.2015, the appellant admitted that the he was unable to produce either the books of accounts or the bank statement of MIs. Alipur Films and in the absence of any evidence produced to substantiate the said claim, the AO added add an amount of Rs.82,510/- and Rs.2,41,8001- (conversion rate ta....
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.... a quality that makes someone or something what they are and how they are different/unique from other people/entities. B. CREDITWORTHINESS: in common, as well as financial parlance, credit worthiness of a depositor refers to an assessment of his ability to lend money based on an analysis of his/their financial & other parameters. The said meaning when extrapolated in the context of the Act would refer to the ability of the depositor to deposit money and justification of his source. C. GENUINENESS OF THE TRANSACTION: The third limb of section 68 viz. onus to prove the genuineness of the transactions seeks "to ensure that the sub-stratum/pivot of the transaction stands on a firm edifice and is not a camouflage in any manner." 6.2. In th....
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.... facts as discussed above that the appellant could not prove the same, therefore, in the light of the above facts and case laws as discussed above, I am of the considered view that the AO was justified to make addition u/s 68 of the Act. Therefore, disallowance of Rs.5,40,235/- u/s 68 of the Act made by the AO is confirmed. The Grounds of appeal are hence, dismissed." 7. Against this order, assessee is in appeal before the ITAT. 8. I have heard both the parties and perused the records. I find that Revenue had information that the assessee was having a bank account in HSBC Geneva. The bank account had balance of Rs.USD 4849 and the account also contained the name of the father and mother of the assessee. The claim of the assessee that he d....