2023 (1) TMI 609 - AT - Income Tax
Unexplained cash - assessee had deposited a huge amount of cash in its bank account - assessee failed to discharge the onus cast on him by not filing confirmations, other documentary evidence, and not producing the parties in support of his claim that he received cash from the parties and that the cash doesn’t belong to him - HELD THAT:- Lower authorities had already treated the cash deposited in the bank accounts of the assessee as unexplained and only on the basis of submission of the assessee, the coordinate bench of the Tribunal [2014 (10) TMI 1062 - ITAT MUMBAI] in the interest of justice, granted one more opportunity to the assessee to prove the source of cash deposited in his bank account.
Coordinate bench of the Tribunal specifically directed the assessee to fully cooperate with the AO in completing the assessment by furnishing all the details as may be called for. We further find that the Tribunal also directed the assessee to produce the parties as may be required by the AO. However, as is evident from the findings recorded by the lower authorities, in the 2nd round of proceedings, the assessee failed to furnish all the details as sought by the AO.
Even in the proceedings before us, the assessee has merely placed reliance upon the documents, which were already considered during the 1st round proceedings. Thus, due to the failure of the assessee in not complying with the directions issued by the coordinate bench of the Tribunal [2014 (10) TMI 1062 - ITAT MUMBAI] we find no infirmity in the impugned order passed by the learned CIT(A). Accordingly, the addition made by the AO is upheld. As a result, grounds raised by the assessee are dismissed.