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2019 (9) TMI 679 - ITAT BANGALOREAddition made towards “undisclosed investment” - taxability of the cash deposits in the assessee’s bank account - HELD THAT:- Merely because the assessee’s father did not file the return of income within the due date specified u/s 139(1) it cannot be held that the cash component of the consideration should be assessed in the hands of the assessee as has been held by the CIT(A). Taking into account the factual matrix and the circumstances of the case, as discussed above, the inference of the AO that the cash deposits amounting in the assessee’s bank account in Corporation Bank, Vijaynagar Branch, Mysore, constitutes unexplained investment by the assessee in the case on hand is not tenable. The explanation furnished by the assessee in this regard was proper and plausible and ought to have been accepted, but was rejected without substantial reasons. The finding rendered by the ITAT-Jaipur Bench in the case of Smt. Ramawati [2015 (4) TMI 1277 - ITAT JAIPUR] is equally applicable to the facts of the present case and therefore the addition made by the AO being untenable and unsustainable is ordered to be deleted. - Decided in favour of assessee.
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