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2015 (5) TMI 1152 - AT - Income TaxUnexplained investment u/s 69 - cash deposits of ₹ 17,15,169 in the SB A/c of assessee - Held that:- On perusal of the bank statement copy, it appears that the entire amount of ₹ 17,15,169 was deposited on 21/06/14 and the entire amount was also withdrawn on the very same day through self cheques. Apart from these deposits, there are no other deposits in the bank account. In fact the bank account copy reveals that virtually there is no other substantial transaction in the bank account apart from the deposits made on 21/06/14. It is also evident that assessee’s son was granted visa on 17/12/04 for pursuing higher studies in USA. Though, it may be a fact that assessee’s statement could not be cross verified by examining Sri S.N. Murthy as his whereabouts could not be found out, but, that itself will not lead to the conclusion that the statements made by assessee in the affidavit are false when circumstantial evidences as found from the bank account copy and visa granted to certain extent prove the fact that the statements made in the affidavit by assessee cannot be rejected outright and are believable. AO has not found out any other ostensible source of income, apart from source of income disclosed by assessee, which could indicate earning of such huge income by assessee. - Decided against revenue
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