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2021 (7) TMI 689 - AT - Income TaxAddition u/s 68 - cash deposited in the bank account of the assessee unexplained - HELD THAT:- A clear finding of the revenue authorities that on perusal of the bank statement and the details furnished by the assessee, the credit entries relating to cash, the name of the alleged person from whom cash has been received, is given but the claim of the identity is not substantiated by way of filing PAN, ITR, confirmation etc. and therefore, identity is not proved by the assessee in second round of assessment proceedings as well. The cash has been deposited in various names, but the assessee failed to prove their identity. Therefore, sources of deposits were not proved. Thus, though the Tribunal has given opportunity to the assessee for establishing three ingredients that of, identity, creditworthiness and genuineness, the same were not established by the assessee relating to cash deposits before the Assessing Officer as well as before the CIT(A). CIT(A) has rightly held that cash deposited in the bank account of the assessee remained unexplained as per Section 68. Unexplained cash deposits which has to be restricted to peak relating to addition u/s 68, the same is also not proved by the assessee before the Assessing Officer as well as before the CIT(A). Thus, CIT(A) rightly rejected the said claim. As regards the As regards, stand taken by the Revenue in Noida charge group cases, the same is rightly rejected as the assessee could not prove as to how the same will be applicable in assessee’s case relating to credit entries in bank account including cash deposits - Decided against assessee.
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