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2023 (7) TMI 1205 - ITAT CHENNAIUnexplained cash deposits u/s. 69A - assessee claims to have received loans from his friends to commence business and the same has been deposited into his bank account - HELD THAT:- Although, the assessee claims to have received loans from friends and relatives, but could not justify his arguments with credible evidences. AO had also not given any conclusive reasons to come to the conclusion that the cash deposits found with bank account of assessee is unexplained income. Therefore, the only possible option left with us is to estimate income from cash deposits found with savings bank account of the assessee maintained with Karur Vysya Bank. Therefore we are of the considered view that the entire cash deposits cannot be treated as unexplained money of the assessee and thus, we direct the AO to allow relief to the tune of Rs. 8 lakhs, because the source for cash deposits to that extent may be loans received from friends and relatives of the assessee. For balance amount assessee could not file any evidence to prove source for cash deposits. Therefore, we direct the Assessing Officer to sustain additions to the extent u/s. 69A of the Act - Appeal filed by the assessee is partly allowed.
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