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2019 (4) TMI 2013 - AT - Income TaxAddition u/s 68 - availability of sufficient cash at the hands of the assessee to make the deposits in the saving bank account - HELD THAT:- Though no substantive evidence has been submitted by the assessee to conclusively co–relate withdrawals with the deposits, however it is observed, the fact that the assessee has made sufficient cash withdrawals from the current account has not been disputed by the AO and Commissioner (Appeals). This fact is very much evident from the observations of the learned Commissioner (Appeals) in Para–5.3 of his order. Therefore, the availability of sufficient cash at the hands of the assessee to make the deposits in the saving bank account cannot be doubted. More so, when the Departmental Authorities have not been able to identify the utilization of cash withdrawals from the current account in any other assets/ mode or manner. That being the case, the explanation of the assessee that being a contractor he required sufficient cash and the unutilized cash is again re–deposited to savings bank account cannot be disbelieved on mere presumption and surmises. That being the case, since assessee’s contention has not been proved to be false through proper reasoning and supporting material, the addition made under section 68 of the Act cannot be sustained. Disallowance of expenditure claimed - inability to produce any evidence to justify the expenditure claimed the assessee - HELD THAT:- Undisputedly, before the Assessing Officer, the assessee has failed to fully justify the claim of expenditure with supporting evidence. The aforesaid factual position remains unaltered even before me. That being the case, disallowance of 10% out of the expenditure claimed deserves to be sustained. This ground is dismissed.
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