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2024 (2) TMI 832 - AT - Income TaxUnexplained money u/s. 69A - addition made in absence of any satisfactory explanation with respect to nature and source of cash deposit made during the demonetization period - AO rejected evidences and documents submitted by AO - HELD THAT:- AO has not refuted or discredited these evidences and documents. AO does not mention why he is not accepting these evidences. On the contrary, the AO has just brushed aside these evidences without even a word on why they are not acceptable. It is a well settled law that when an assessee has all the possible evidence in support of its claim, they cannot be brushed aside based on surmises. It is true that the AO is not bound to accept as true any possible explanation which the assessee may put forth, the AO cannot also arbitrarily rejects the assessee's explanation. assessee has practically submitted all possible evidences in support his claim. “When the evidence available with the assessee, which support the claim of the assessee, the AO was not right in suspecting the same on the basis of mere surmises and conjectures. (Om Prakash K Jain and Ors. [2009 (1) TMI 453 - BOMBAY HIGH COURT]. AO has not discussed any of the evidences submitted by the assessee. No word as to why these documentary evidences furnished by assessee are not acceptable to the Assessing Officer. The Assessing Officer has not found any defect / irregularities in the documents and evidences submitted by the assessee. Therefore, based on the factual position narrated above, delete the addition made by the Assessing Officer. Appeal filed by the assessee is allowed.
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