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2017 (10) TMI 1358 - AT - Income TaxAdditions u/s 68 - source of cash deposit in the bank account - CIT(A) found that the bank account in which cash have been deposited is owned by three persons including the assessee. Therefore, the whole amount of should not be taxed in the hands of the assessee. - Held that:- There is a cash deposit in the joint bank account maintained by assessee and others, the source of which is not explained. Therefore, provisions of Section 69/69A are clearly attracted in this case. The Ld. CIT(A) has already taken care of this issue and applied Section 69A of the I. T. Act while confirming the addition on merit. The totality of the facts and circumstances clearly prove that assessee failed to explain deposit of huge cash in the joint bank account to the satisfaction of the authorities below. The authorities below therefore, rightly rejected the contention of the assessee that amount is redeposited after making withdrawal from the same bank account. The Ld. CIT(A) on proper appreciation of the facts and material on record, correctly sustained the addition of 1/3rd amount in question under section 69A of the I. T. Act. - Decided against the assessee.
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