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2023 (6) TMI 179 - ITAT VISAKHAPATNAMAddition u/s 69A - unexplained cash credits in bank account - HELD THAT:- As observed that the assessee made total cash deposits during the financial year 2016-17 including the demonetisation period aggregating to Rs.3,26,61,800/- as against the gross turnover declared by the assessee at Rs.2,91,73,740/-. Hence, the onus passed on the assessee to explain the sources for cash deposits amounting to Rs.34,88,060/- made in the bank accounts of the assessee. The contention of the assessee that the amounts were received from Shri B.Suryanarayana, Proprietor, Kartikeya Wines was not substantiated by the assessee by providing any confirmation letter from Shri B.Suryanarayana before the revenue authorities or before us. Assessee has not accounted both the transactions i.e. payment to APBCL or amount received from Shri B.Suryanarayana. Since the assessee failed to bring any material on record in support of his explanation, find that the Ld.revenue authorities have rightly held the amount as unexplained - Decided against assessee.
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