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2019 (3) TMI 1066 - AT - Income TaxAddition u/s 69 - cash deposit explained by the assessee as gift received from his father-in-law and mother-in-law - link the sale proceeds of agricultural land received by her father-in-law with the amounts given as hand loans to various persons - HELD THAT:- The assessee was unable to explain as to why the sale proceeds received on 05.04.2006 were deposited in the bank account of assessee between the period 01.04.2007 to 31.03.2008. The perusal of deposits made by the assessee shows that the amounts were deposited in bits and pieces totaling ₹ 13,88,500/-. In case the amount was available with the assessee on the sale of properties by her in-laws, then where was the need to deposit the amount in bits and pieces during the month of December, 2007 and thereafter, in March, 2008. The said tabulated details are available at page 21 of appellate order. The assessee has failed to link the sale proceeds of agricultural land received by her father-in-law with the amounts given as hand loans to various persons. The whole exercise is an afterthought by the assessee and the amount if received after the death of father-in-law should be available with the assessee in lump sum and there was no requirement to deposit the amount in bank in bits and pieces on different dates. There is no merit in the stand of assessee in this regard. Hence, the assessee has failed to explain the source of deposits and in the absence of any evidence linking its claim to the evidences available, the addition made by authorities below is upheld in the hands of assessee. - Decided against assessee.
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