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2023 (10) TMI 767 - AT - Income TaxUnexplained money u/s 69A - cash deposit in the Saving Bank Account of the assessee unexplained - assessee explained the source of deposit as turnover of his business of electronic goods however, the AO refused to accept the explanation on the ground that the assessee has shown the sales in the bank account with Oriental Bank of Commerce (OBC) whereas the deposit in question has been made in the Saving Bank Account of the assessee with SBI bank which cannot be accepted as sale proceeds - HELD THAT:- As in absence of the complete details of the deposit made in the both bank accounts it cannot be conclusively determined that the deposit made in the SBI account has been declared by the assessee as his turnover. Accordingly, when the frequent deposits and withdrawal transactions are made in the Saving Bank Account throughout the year and almost nil balance was available as on 31.03.2012 then the deposit in the Saving Bank Account in our considered view represents turnover of the assessee. Since the assessee has not disclosed this bank account in the return of income, therefore, deposit in the saving bank account is considered as undisclosed turnover and GP rate on the said turnover would be added to the total income of the assessee instead of the entire deposit. Accordingly, the AO is directed to add only G.P. rate on the deposit made in the Saving Bank Account with SBI of Rs. 16,13,020/-. Appeal of assessee is partly allowed.
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