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2019 (9) TMI 1231 - AT - Income TaxUnexplained investment - deposit of cash made by the assessee in the bank accounts, investment in the lands and the loan provided to KIT - HELD THAT:- Regarding the argument of the AR for the availability of cash in his hands out of the earlier years from the source of agricultural activity, we note that the assessee failed to file any documentary evidence suggesting that there was some cash available with him out of the agricultural operations carried on by him. Therefore, in the absence of such documentary evidence we reject the contention of the assessee. Regarding the surplus cash of ₹ 21,45,000 as claimed by the ld. AR, available with the assessee, we note that the benefit for all the deposit of cash has already been provided by the ld. CIT-A. Therefore, we are of the view that the same cannot be adjusted against the deposit of cheques in the central bank of India. Therefore, we reject the contention of the ld. AR for the assessee. Regarding the addition of ₹33.50 lakhs, we note that these payments were made through the banking channel by the assessee. It is also not in dispute that the entire credit entries reflecting in the Central Bank of India has been added to the total income of the assessee, therefore we are of the view further addition of the impugned amount will result the double addition to the income of the assessee. Therefore we are inclined to delete the addition of ₹33.50 lakhs. Regarding the investment made by the daughter in law namely Ms. Margi Darpan Shah of the 57 Lacs, we note that the assessee has vide letter dated 24-12-2012 has admitted that the impugned fund was provided by the assessee to his daughter in law. Moreover, the assessee has not explained the source of such investment before the authorities below. Even before us, the ld. AR could not controvert the finding of the ld. CIT-A. Accordingly, we reject the contention of the assessee. Regarding the addition of ₹15 lakhs, we note that there was no addition made on account of the deposit of cheque of ₹15 lakhs in the State Bank of India. Therefore, we reject the contention of the assessee. Hence the ground of appeal of the assessee is partly allowed. Appeal filed by the assessee is partly allowed.
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