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2022 (7) TMI 1137 - AT - Income TaxAddition u/s 68 - cash deposited by the assessee in his bank account which is fully explained - HELD THAT:- As perused the material available on record and decisions relied upon by the assessee. Respectfully following the decision of the coordinate bench and in the absence of any contra judgment produced by the DR following the cited co-ordinate bench decision we hold that benefit of the ratio decided in those judgement be given to the assessee but as the assessee unable to substantiate the whole deposit and taking the turnover is not correct. Therefore, the assessee should pay the tax considering the whole amount of cash deposited as turnover and on that 8% amount be added as income of the assessee which would end the justice - In terms of these observations, we partly allowed the ground no. 1 of the assessee. Addition on account of capital introduced in firm without considering the submission of the assessee - HELD THAT:- The assessee however placed a general plea that the introduction of the capital is sourced from this account. There is no force in the argument assessee as he failed to place on record any cogent evidence as stated by the ld. DR. Not only that it has been observed that the income which is arising and offered in the return of income by the assessee is far less then this amount introduced in the firm. Therefore, the argument of the ld. AR is incorrect on fact and in the absence of any evidence and income being offered as arise from these unaccounted transactions as alleged and decided by us should be considered to substantiate the introduction of cash in the firm to the extent of that income and therefore, this ground of appeal is partly allowed and therefore, the AO is directed to reduce the addition to that extent of income decided as per Ground No. 1 above. In the result, Ground No. 2 is partly allowed.
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