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2011 (11) TMI 774 - AT - Income TaxUnexplained cash credit - Held that:- We find that the assessee referred to cash withdrawals of ₹ 27 lacs. However, we find that no such plea was raised before either of the authorities below and the in the statement recorded during the assessment proceedings when confronted about the receipt of amounts from two purchasers, the assessee had replied vide question No.21 that negotiations were going on in respect of the said refund/forfeiture of the amount received from the said purchasers. In his written submissions the assessee claimed to have refunded the said amount in 2005 and the assessment order in the case was passed on 30.12.2008. Further the assessee has failed to furnish on record any evidence to prove its contention. In the absence of the same we find no merit in the stand of the assessee and rejecting the same we uphold the order of CIT (Appeals) and confirm the addition of ₹ 20 lacs. Similarly in respect of receipt of ₹ 21,53,000/- the assessee has failed to establish its claim of receipt of money. The said amount was deposited in cash in the account of the assessee on various dates. Though the assessee has referred to an agreement to sell but the clauses of the said agreement were found to be at variance with the facts of the case. In the absence of any evidence being filed by the assessee, we confirm the addition Addition on deposits through account payee cheque in the bank - Held that:- No such evidence was referred to before the authorities below. Further the assessee has failed to file any confirmation or any bank account in order to prove the source of credit entries in his bank account. The onus not being discharged by the assessee we find no merit in the claim of the assessee and hence the same is rejected. Addition from HDFC Bank and deposit of that amount with Centurion Bank in correct perspective - Held that:- The assessee before the authorities below had failed to file any confirmation from his son in respect of the loans received of ₹ 1,20,000/-. The assessee failed to furnish the bank account to establish the creditworthiness of son of the assessee. Merely because the amount has been received by way of cheque does not satisfy the provisions of the Statute in respect of the cash credits received by the assessee during the year. The onus not having been discharged by the assessee in respect of deposits in the bank account, the deeming provs sof section 68 are applicable. We find no merit in the ground of appeal raised by the assessee and hence the same is dismissed. Addition to the total income without appreciating the facts and written-submissions made during the assessment proceedings - Held that:- Even before us the assessee had failed to furnish any evidence/confirmation in respect of its claim of having received earnest money. In the absence of the same, we uphold the order of the CIT (Appeals) and dismiss ground raised by the assessee. Deposit in bank unexplained - Held that:- We are in agreement with the order of the CIT (Appeals) in the absence of the assessee having furnished any evidence and having failed to discharge its onus of establishing the identity, creditworthiness and genuineness of the transaction.
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