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2015 (4) TMI 835 - HC - Income TaxTreatment of cash deposits - unexplained cash credit by invoking provisions of section 69 - Held that:- In the case before us, the assessee admittedly made an investment of a sum of ₹ 2,01,000/- which was not disclosed by him in the returns filed under Section 139. During search his explanation was that “the said deposits were made out of the cash balance available. In the absence of any proof with regard to such availability of funds, the assessing officer treated the aforesaid deposits as the income of the assessee from undisclosed sources. We have not been impressed by the submissions advanced before us by Mr. Sen, learned Advocate for the assessee for more than one reason. In the first place, no such case was made out before the learned Tribunal. Even assuming that investment of a sum of ₹ 2,01,000/- has been reflected in the final accounts of the assessment year 1987-88 and has duly been offered for taxation, nothing was easier for the assessee than to produce a copy thereof before us which may have tilted the balance in his favour. The fact that the assessee-appellant did not take any such step leaves no doubt in our mind that the submissions are not true. The investment discovered during the search and seizure has not been disputed on facts. Therefore, it was a clear case where Section 69 of the Income Tax Act would be applicable and this is what was done. - Decided against assessee.
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