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2022 (8) TMI 451 - AT - Income TaxUnexplained money u/s.69A - CIT-A treating the net cash transactions as unexplained money u/s.69A of the Act and not treating it as business income - HELD THAT:- We noted that the assessee neither before AO nor before CIT(A) filed any evidence in regard to prove the source of this cash, even the transactions of the alleged transactions of late Shri Subbarao. The assessee could not file even one evidence in regard to this except a bald statement made in the statement of facts, grounds of appeal before AO or before CIT(A). The assessee admitted the bank account maintained with ICICI bank and where this cash deposit made. Once the assessee is unable to prove the cash deposits, we have no alternative except to confirm the addition. Accordingly, in these two years, there is no reason to delete the addition and hence, we confirm the order of CIT(A) and dismiss the appeals of assessee.
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