The Tribunal held that with regard to the advance payment of Rs. 30 lakhs to PVS which was returned by him by way of cash to the assessee, in the absence of any cogent documentary evidence, the withdrawals from the bank account of PVS could not be accepted. The contention of the assessee that PVS had the creditworthiness to return the amount in cash to the assessee in lieu of the cheque payments received by him as an advance was not tenable. (AY. 2014-15)
ITO (IT) v. Bikkina Savitri Devi (Smt.) (2022) 96 ITR 30 (Trib) (SN) (Vishakha) (Trib)
S. 115BBE : Tax on specified income-Income from undisclosed sources-Advance payment returned by party in cash-No cogent documentary evidence-Creditworthiness to return amount in cash in lieu of cheque payments was not established-Addition is held to be proper.