S.THALAVAIPANDIAN,CHENNAI vs. ACIT, CHENNAI

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ITA 530/CHNY/2015Status: DisposedITAT Chennai20 April 2015AY 2003-042 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal noted that the assessee could not furnish any evidence to prove the withdrawal and reintroduction of funds. Consequently, the assessee requested to withdraw the appeal.

What were the facts?

The assessee claimed to have withdrawn and reintroduced ₹3,50,000/- into his business during the assessment year 2003-04. No evidence was provided to substantiate this claim.

What were the issues?

The primary issue was the lack of evidence to support the assessee's claim regarding the withdrawal and reintroduction of business funds.

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ‘SMC’ BENCH, CHENNAI

Before: Shri D.Manmohan

आदेश / O R D E R

Per D.Manmohan, VP :

1.

This appeal by the assessee is directed against the order passed by the CIT (A)-19, Chennai dated 30.12.2014 and it pertains to the assessment year 2003-04. Addition of ` 3,50,000/- made by the Assessing Officer and 2. confirmed by the CIT(A) is a subject matter of dispute before us. It was the case of the assessee before the tax authorities as well as before the Tribunal that ` 3,50,000/- was withdrawn from his business during the assessment year under appeal and the same money was reintroduced into business. No evidence whatsoever could be furnished to prove the same and, when pointed out, learned Authorized Representative submits that assessee may be permitted to withdraw his appeal.

3.

Learned Departmental Representative has no objection in this matter.

4.

In these circumstances, I dismiss the appeal filed by the assessee as withdrawn.

Order pronounced in the open court on 20th day of April, 2015 at Chennai.

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