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2012 (9) TMI 648 - ITAT INDOREAddition on account of unexplained cash credit u/s 68 in bank account - Assessee has deposited huge cash in various bank accounts of his family members – The assessee claims that he was LIC agent, the cash was deposited out of the payment received from the respective LIC customers – Confirmation from these customers was not furnished before the AO - Held that:- As the onus lied on the assessee to explain the source of cash and, therefore, the confirmation from persons from whom cash was received was required to be furnished before the Revenue Authorities. The assessee also show before CIT(A) that the amount of cash so received and deposited in the personal bank account of assessee was ultimately utilized for issuing cheque in favour of LIC with respect to the payment due from such clients. Therefore issue remand back to AO for fresh consideration.
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