Payments had been made to different parties towards purchase of certain unaccounted goods\u00a0 no explanation was furnished. Order of Tribunal confirming the addition was affirmed.\u00a0\u00a0 Assessing Officer treated amount so paid as undisclosed income and made addition to assessee’s total income. Tribunal upheld said additions on ground that there was no explanation furnished by assessee for not recording payments in books of account.\u00a0 Order of Tribunal is affirmed by High Court. Tribunal gave the finding\u00a0 that the\u00a0 assessee failed to show any separate trade license, sale memo, purchase memo, books of account, etc. to explain excess physical stock so found. High Court affirmed the order of the Tribunal.\u00a0 In the course of survey ‘Mahajani Khata’ was found. Tribunal held that\u00a0 since assessee did not produce any material to substantiate their submission and\/or rebut findings recorded by Assessing Officer, addition was\u00a0 sustained. High Court affirmed the order of the Tribunal.\u00a0 (AY. 1995-96)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 69A : Unexplained money-Amounts of investments not fully disclosed in books of account-Unexplained expenditure-Survey-Purchase of goods no explanation was furnished-Excess stock was found-Mahajani Khata-Order of Tribunal confirming the addition is affirmed. [S. 69B, 69C, 133A, 145] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-38088","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9Uk","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38088","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=38088"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38088\/revisions"}],"predecessor-version":[{"id":38089,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38088\/revisions\/38089"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=38088"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=38088"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=38088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}