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2022 (10) TMI 31 - AT - Income TaxAddition u/s 68 - Unexplained cash deposits made in a bank account of the appellant - HELD THAT:- In the present case, the assessee has admitted that a cash totaling was deposited to his bank account during the year under consideration, but the assessee could not explain the nature and source of the cash deposited in the bank account. As per the list of the investors provided by the assessee, out of 280 persons as many as 89 persons to whom enquiry letters were issued by the A.O have denied having any transaction with the assessee and the remaining persons have either not replied to the letters issued to them or returned unserved to the A.O. Even in the second round after the remand, the assessee has provided the very same details and old addresses of the parties but the assessee has not able to provide the identity, creditworthiness and genuineness of the transaction. Since the assessee has miserably fail to prove the case of the assessee even after providing the opportunity by the Tribunal. As relied by the assessee are concerned, in the present case, there is no material to show that the assessee is a merely an entry operator and the amount has been later transferred to the actual owners and in view of the fact that assessee could not prove the transaction by getting confirmation from the respective investors and in the absence of proving the subsequent cash flow, the judgments relied by the AR are not applicable to the present case. - Decided against assessee.
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