PCIT v. Swati Bajaj

Kathiresan (HUF), Sivakasi vs. ITO - Ward - 2, Virudhunagar

The appeal stand partly allowed in terms of our above order

Bench: HON’BLE SHRI MAHAVIR SINGH, VP AND HON’BLE SHRI MANOJ KUMAR AGGARWAL (Accountant Member)

…er, in the absences of any documentary evidences supporting such submissions, the same could not be accepted. Before us also, the assessee could not furnished any such material evidence. The Hon’ble Supreme Court in the case of Bhag Chand Chhabra vs. Pr. CIT (138 Taxmann.com 33) held that if the assessee failed to prove the genuineness of the transactions, the said income was to be treated as unexplained cash credit u/s 68. Therefore, the action of Ld. AO in treating the said receipts u/s 68 could not be faulted with. 3 4. However, the Ld. AR’s plea as to the applicable rate of tax would find our concurrence. Up…