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2017 (4) TMI 1636 - AT - Income TaxRevision u/s 263 - as per CIT there is complete absence of enquiry by AO in passing the assessment orders - unexplained income u/s. 69/69A - HELD THAT:- No bills and vouchers stated to be accompanying non-existing books of account, were admittedly produced. It is also incomprehensible that the assessee is, as stated, not maintaining any books of account (in respect of the money lending business) and, in any case, that there is a complete absence of any record in respect of the advances made and recovered, as well as qua the interest/ commission earned in the process, and returned only on the basis of ‘memory’. The cash deposits in the bank account/s need to be satisfactorily explained, else are liable to be added as unexplained income u/s. 69/69A of the Act. There is no explanation as to the source of the deposit/s. Merely stating that the same are a return of the loans given earlier, without in any manner substantiating the same, i.e., the loans given earlier and/or their return, would be of little consequence, both in law and in fact in-as-much as the law mandates the same to be satisfactorily explained, so that the same would require being reasonably established as a fact. As already explained that a failure to make proper enquiry would make an order per se erroneous and prejudicial to the interest of the Revenue, liable for revision. This in fact represents trite law, and for which we may, apart from the decision in Gee Vee Enterprises [1974 (10) TMI 29 - DELHI HIGH COURT] - Decided against assessee.
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