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2013 (10) TMI 866 - AT - Income TaxUnexplained Cash Credit u/s 68 - Whether the CIT (A) has erred in confirming the addition considering the amount of cash deposited to bank as unexplained cash credit u/s 68 - The show cause notice was given to the assessee to explain the source and the genuineness of the cash deposited from time to time, which has not been explained satisfactorily – Following CIT Vs. KS.Dattareya [2012 (6) TMI 439 - Karnataka High Court ] - mentioning of wrong section does not change the sum and substance of the findings of the AO - the assessee has not been able to substantiate or prove the source and genuineness of the cash deposits made at twenty-two occasions in his bank account - there was no infirmity in the order of the learned CIT(A) on the issue. As regards amount claimed to have been saved by the assessee out of his salary income drawn during the year - For verification, notice under section 133(6) of the Act was given to the employer of the assessee, which was not replied - The assessee has not placed on record, how and where the saving in the last 18 years were kept - It is unbelievable that an assessee for the last 18 years has been savings the salary in cash and keeping the same with him in the same form at all times to come, and suddenly the entire amount is deposited during the year in the bank account in cash for purchase of residential house - No documentary evidence was placed on record by the assessee or no cogent explanation was placed on record to justify the assessee was in fact having saved out of his salary income - the AO is justified in not accepting the source of savings claimed by the assessee from the salary income. As regards the source from his father, the father of the assessee was retired on superannuation and the pension certificate of mother - No other documentary evidence was produced by him to show credit- no satisfactory explanation was provided for the source of income – In the absence of any documentary evidence that the father and mother of the assessee had saved for giving gift to the assessee and in the absence of any cogent explanation with regard to the source, the AO is justified in not accepting the source of gift from father of the assessee – Decided against Assesse.
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