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2023 (2) TMI 1260 - AT - Income TaxAddition u/s 69A r.w.s. 115BBE - unexplained amounts deposited in his bank account - HELD THAT:- Assessee had failed to explain the nature and source of the cash deposits made in his bank account during demonetization period. Observing, that the assessee could not justify the “nature” and “source” of the amounts deposited in Specified Bank Notes (SBN) in his bank account during the demonetization period, the A.O had made an addition of the same u/s. 69A. ' Also, it is discernible from the assessment order that though the A.O had issued a “Show Cause Notice” (SCN) to the assessee to explain the nature and source of the cash deposits but no compliance was made by the assessee. Also, as several opportunities to the assessee to participate in the course of proceedings before him, but he failed to participate in the same. As assessee had failed to come forth with any plausible explanation as regards the “nature” and “source” of the cash deposits made by him in his bank account in SBN during the year, therefore, no infirmity arises from his order - Appeal of the assessee is dismissed.
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