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2021 (11) TMI 410 - AT - Income TaxAddition u/s 68 - Unexplained accumulated cash in hand - cash received through Will - assessee has not proved the genuineness of the Will - assessee could not furnish documentary evidence to prove the genuineness of the transaction and creditworthiness of Aunt of the Karta of the Assessee HUF - HELD THAT:- Sale agreement clearly indicates that there exists of cash to the extent of ₹5.06 crores with Late Mrs. Rekha K. Bhansali. This fact was brought to the notice of Ld. CIT(A) and also the AR of the assessee submitted in his written submission that this evidence was submitted before tax authorities and the tax authorities has not controverted the above existence of the sale agreement and we also noticed that even though the Assessing Officer expressed the non-genuinity of the ‘Will’ based only on witness submission before him and we noticed that the Ld. CIT(A) rejected the submissions of the witness with the observation that the witness has admitted to frequent the house and office of the assessee from relevant period when the Will was executed. He identified the signature as his own but do not remember. CIT(A) observed that lameness of the witness cannot be the reasons to punish the assessee. It is fact on record that there exists Will agreement and the Will and the sale agreement confirming the existence of cash in hand with Late Mrs. Rekha K. Bhansali and subsequent distribution of the cash based on the Will to existing HUF and respective cash deposits in the bank account of the assessee clearly indicates that the assessee has proved the source of cash. It is not expected to bring on record, the genuineness of source of source of a deceased person. The assessee can prove only the source for the credit in its books of account. Therefore, we do not see any reason to interfere with the findings of the Ld. CIT(A) and accordingly grounds raised by the Revenue are dismissed.
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