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2011 (12) TMI 240 - HC - Income TaxUnexplained credit – builder and colonizer - deposits received – out of the four parties deposit received from two parties added as income from unexplained cash credit – Held that:- U/s 68 of the Act, the appellant has to prove the nature and source of the deposit. In case of deposit received from Sri Wazir Ahmad, identity of the creditor have been established, yet the appellant had failed to establish his capacity to advance Rs. 88,000/-. Mere explanation that he had borrowed the money from his close relatives, would not be sufficient without there being any further proof of the identity of the persons who had lent the money to Sri Wazir Ahmad. In respect of the deposit of Sri Jamal Ahmad, he did not appear before the A.O. in spite of summon having been sent and the appellant also did not take any steps to produce him, thus the identity and source of the deposit of Jamal Ahmad remain unproved. Therefore, the two deposits have rightly been added u/s 68 – Decided against the assessee.
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