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2018 (3) TMI 1360 - HC - Income TaxAdditions u/s 68 - unexplained cash deposits - Peak cash credit - deposits were made on different dates and sometimes there were multiple deposits even on a single day. - There were also multiple withdrawals - Appellant claimed that the deposits were made in bank accounts belonging to him and his two minor sons - Held that:- Agreements to sell and receipt in cash were sham and make belief. This story was concocted after the appellant was cornered and confronted without answer before the AO, for the first time in the appellate proceedings. In view of the aforesaid factual background, we do not think that any substantial question of law arises for consideration. - additions confirmed - Decided against the assessee.
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