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2017 (9) TMI 1021 - AT - Income TaxAddition u/s 68 - unexplained cash deposits - proof of gifts receipts - Held that:- CIT(A) after considering the facts of the case has rightly held that the assessee has only formulated a story to explain the cash deposits in the bank account, which was rightly rejected by the first appellate authority. The Ld. CIT(A) has also rejected the plea of the assessee with regard to peak amount to be adopted as ‘unexplained cash deposits’ on the ground that the said plea is only possible if the assessee would have proved it by any evidence regarding the nexus of cash deposits with that of withdrawals and was again deposited in the bank account but since assessee has failed to submit reconciliation statement and nexus between cash withdrawal and cash deposits, therefore, the entire plea raised by the assessee was rightly found to be unsustainable and unreliable. Apart from that, no new evidence or material have been brought before us to prove and support their plea put forth before us and, therefore, we do not see any reason to deviate from the finding given by the CIT(A) while dealing with the said issue. In our considered view, the first appellate authority has passed a well-reasoned order and we do not find any reason to take a different view. However, since it is not in dispute that the out of 33 Parties 17 Parties have confirmed the gifts having been given to the assessee, we are of the view that these gifts should be treated as genuine and they should not be treated as unexplained cash credits u/s 68 of the Act. Accordingly, we direct the Assessing Officer to delete the addition to the extent of the gifts received from these 17 parties as listed out in the assessment order and pass orders accordingly. - Decided partly in favour of assessee.
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