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2014 (11) TMI 761 - AT - Income TaxAdditions u/s 69A - Principles of natural justice – Opportunity of being heard provided to assessee or not - Service of notice - Held that:- The Tax Authorities have noticed cash deposits in the HDFC Bank Account, Crawford Market Branch, Mumbai and when asked about the nature and source of acquisition of the cash it was stated that he was maintaining two separate accounts, one in ICICI Bank and the other in HDFC Bank, and he had taken unsecured loans which were utilised exclusively for development of new business - The amount available in HDFC Bank was withdrawn from time to time and advanced to other parties and upon repayment the same was redeposited - one would withdraw from bank only when the cash already lying with him is not sufficient to meet his needs on that day or conversely a person would not deposit only a small amount of the cash-in-hand available with him in the bank a/c leaving large amounts as cash in hand even though the same was not required to be used - the claim of the assessee that he had given temporary loans to his friends and relatives and these loans, on being repaid, were redeposited in the bank account is not tenable and is merely a self serving statement and the confirmations filed by the assessee are merely self serving documents when seen in the context of the facts and circumstances of the case – assessee was not in physical possession of the cash with him which has been withdrawn by him on earlier dates - the bank account was not disclosed in the return of income. Assessee has made only vague submissions without specifically bringing any material to rebut the discrepancies - the source of cash deposited in the bank account maintained with HDFC Bank on various dates is held to be unexplained - no material was placed to contradict the findings of the CIT(A) – thus, CIT(A) was justified in holding that the assessee did not prove the cash deposits in the bank account and correctly brought to tax the amount deposited u/s 69A – the order of the CIT(A) is upheld – Decided against assessee.
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