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2021 (7) TMI 243 - AT - Income TaxAddition u/s 69A - chit fund investment - assessee had cash deposits into bank account during the demonetization period - as per CIT-A assessee is a state government employee and as per the provisions of the state government conduct rules, state government employees are not permitted to make investment in speculative transaction - HELD THAT:- CIT(A) demonstrated in his order that the assessee does not have sufficient money to pay monthly chit installments by way of recording his statement u/s. 131 of the Act and examining the bank statements, further observed that no documentary evidence was filed by the assessee to establish genuineness of the chit fund claim. Further, the CIT(A) observed that being govt. employee, the assessee is not permitted to enter in chit fund. Even before us, the ld. AR of the assessee failed to establish that the amount of ₹ 10,00,000/- received from chit fund and the submissions in the written submissions are general and vogue which are not supported to the case of the assessee. CIT(A) examined the bank statement of the assessee and after observing the monthly expenditure of the assessee and nature of transactions carried out by the assessee, he has rightly sustained the addition made by the AO - No infirmity in the order of the CIT(A) in confirming the addition - Decided against assessee.
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