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2020 (1) TMI 348 - AT - Income TaxReopening of assessment u/s 147 - cash deposits in the bank account of the assessee maintained with the ICICI Bank - gifts received from the relatives with or without occasions - HELD THAT:- In the absence of return of income originally filed u/s 139(1) of the Act coupled with huge amounts of cash deposits is good enough to contribute the formation of reason to believe that this is a case of escapement of income. As mentioned in the open Court, proceed to dismiss the legal ground no.1 and 2 raised by the assessee. Gifts received - Gifts are given to the assessee from among the close relatives only. However, these gifts were given with or without any special occasions. The source of sources argument is the only defence from the assessee’s side. However, the assessee failed to discharge the onus cast on him with reference to the credibility of the transactions and creditworthiness of the donors and the documentation furnished by the assessee is inadequate and the explanations given by the assessee are general in nature. It is not the case of the assessee or the AR before me that one more opportunity should be granted to the assessee for furnishing of the evidences in support of the creditworthiness of the transactions. AR failed to specify or file the additional evidence to be furnished before the I.T. authorities, if an opportunity is granted. Considering the same, I am of the opinion that the decision of the CIT(A) is fair and reasonable. Ld. AR has not made out a case satisfactorily for remanding to the file of the Assessing Officer/CIT(A). The explanation given by the assessee extracted in para 6.2 of the CIT(A)’s order (supra) is duly considered while confirming the order of the CIT(A) on this part of the cash deposits amounting to ₹ 9.25 lakhs
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