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2018 (10) TMI 1382 - HC - Income TaxAddition u/s 69A - source of cash deposits - entries made in the cash flow charts were not substantiated by any evidence - Held that:- The contention raised by learned counsel for the appellant that the authorities have not considered the figure of purchase and closing stock as per the VAT return deserves rejection. The assessee filed an income tax return showing the gross receipts of ₹ 9 lakhs, on the other hand, there were cash deposits made of more than ₹ 37 lakhs in the savings bank account. The assessee tried to explain the source of cash deposits by taking a stand that the actual sales were of ₹ 29 lakhs but were wrongly mentioned as ₹ 9 lakhs in the income tax return. The details of the purchases and copy of VAT return were withheld by the assessee on the excuse that same were not available. The AO got the copy of the VAT return from the Sales Tax Office in which the sales were mentioned amounting to ₹ 9,65,170/-. Before the AO the stand taken was that the appellant was not maintaining books of account, on the other hand with the VAT return, the appellant had filed Trading and Profit & Loss Account and the balance sheet. The appellant had withheld the material information available with him. All the three authorities below have recorded consistent findings of facts. The appellant has not been able to dispute the findings of facts much less to prove perversity. - Decided against assessee.
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