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2015 (9) TMI 371 - AT - Income TaxAddition u/s 69A on account of cash deposit in the bank account - Held that:- On examining the bank account submitted by the assessee we find that the assessee had withdrawn cash in most of the instances by way of issuing cheques to various parties from Surat and other places. Similarly, cash was deposited from various places in the assessee’s bank account. This points out that there was some activity carried on by the assessee relating to business. The revenue has it means to find out the nature of transactions transacted in the bank accounts of the assessee. However, the revenue has failed to make such exercise and simply presumed the facts to its convenience that the entire cash deposited by the assessee was the income of the assessee. We do not subscribe to this view of the revenue. The revenue has also not brought anything on record before us stating that the assessee had made any investment from such income. Further, considering the particulars of transactions reflected in the bank statement one can presume that the assessee was indulging in trading activities probably of art silk cloth as claimed by the assessee. No doubt, the onus is on the assessee to establish his claim which he has not complied fully. However, the revenue has also not brought anything on record to show that the cash deposited in the bank account of the assessee was his income from undisclosed sources without commenting on the cash withdrawals made by the assessee. Thus the entire deposits of ₹ 45,85,861/- made by the assessee in his bank account as observed by the learned AO has to be treated as total turnover of the assessee with respect to his undisclosed business of trading in art silk cloth and accordingly the income of the assessee shall be estimated at 8% of the total turnover. It is ordered accordingly. - Decided partly in favour of assessee.
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