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2020 (1) TMI 1015 - AT - Income TaxAddition u/s 68 - unexplained cash deposits - HELD THAT:- We find that AO had concluded that assessee has not explained the source of cash deposits in the books of accounts satisfactorily as there was equal amount of cash deposits before the giving of loan by Mr. Uttam Chordiya to assessee. Before us, assessee has not controverted the submissions made by Ld. D.R. but has simply stated that assessee had furnished the confirmation and his PAN No. and thus assessee has complied with the requirements of Sec.68 of the Act. Before us also no satisfactory explanation about the source of cash deposits in the bank account of Mr. Uttam Chordiya has been provided by the assessee. In such a situation, considering the totality of the facts, we find no reason to interfere with the order of Ld.CIT(A). Thus, the grounds of the assessee are dismissed.
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