THE SUBMISSIONS OF ASSESSEE FOR CASH CREDIT IN BOOKS SHOULD BE AT LEAST APPARENTLY ACCEPTABLE

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Case Summary:


[2022] 446 ITR 723 ( Ker )

[ IN THE KERALA HIGH COURT ]

JOSEPH THANNIKOTTU KORAH v. PRINCIPAL COMMISSIONER OF INCOME-TAX


March 25, 2022.

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THE SUBMISSIONS OF ASSESSEE FOR CASH CREDIT IN BOOKS SHOULD BE AT LEAST APPARENTLY ACCEPTABLE

Assessment Year: 2011-12
Favouring: Department
The assessee was asked to explain the source of cash deposit of Rs.30 lakhs made in the assessee’s bank account on January 20, 2011.

The assessee submitted that the sum represented the sale receipts of land belonging to his wife.

The assessee produced the sale deed dated January 20, 2011.

The case of the assessee was that though the document value was only Rs3,35,700, the actual consideration was Rs.31 ,00,000 including an advance of Rs.1 lakh.

Cash credit burden on assessee to prove source of cash credit
Failure to discharge burden addition to total income justified


Nemi Chand Kothari v. CIT [2003] 264 ITR 254 (Gauhati) (para 6) referred to.



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