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2022 (10) TMI 20 - AT - Income TaxUnexplained investment u/s 69 - No link between the withdrawals and the deposits of cash in bank - assessee submitted that he was acting as intermediary i.e. broker in land trading nearby area of his native place and claimed that there was an opening brought forward cash balance - AO adopted the peak credit method and made and addition - HELD THAT:- No force in the argument of the assessee for the reason that the assessee having not filed the Return of Income for the present Assessment Year 2011-12. The assessee had only furnished cash book for the Assessment Years 2010-11 & 2011-12 and no Income Tax Return was filed by the assessee for AY 2009-10 & 2010-11 to justify the cash balance is brought forward for the earlier years. From the Return of Income filed for the Assessment Year 2011-12 it is seen that the assessee has shown only income from other sources and no other income. The assessee could not establish the cash withdrawals to crack the real estate deal. Thus the assessee has not established the entire cash deposit in Nutan Nagrik Sahkari Bank Ltd.. Assessing Officer seems to have taken a reasonable approach and considering the circumstances of the case made a least peak credit as unexplained investment u/s 69 of the Act which does not require any interference in the absence of material evidence before any of the Lower Authorities. In the above circumstances, the grounds of appeal raised by the assessee are hereby rejected and the appeal filed by the assessee is hereby dismissed.
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