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2021 (2) TMI 1032 - AT - Income TaxAddition of cash deposits in the bank account of the assessee - assessee submitted that cash was deposited on behalf of his client Shri P.S. Narayana for Life Insurance Premium - HELD THAT:- We do not agree with the contention of assessee because assessee made a cash deposit of the impugned amount in his bank account, therefore, burden was upon the assessee to explain the source of the cash deposit in his bank account through evidence. However, assessee has failed to prove the source of the same, therefore, it being unexplained investment was rightly added to the income of the assessee. It is also unbelievable that cash amount if received earlier would have been deposited in installments in bank account of the assessee. The entire circumstances would lead to irresistible conclusion that when assessee was caught by the Revenue authorities to explain the cash deposits in his bank account, assessee made a frivolous claim of the alleged amount received from Shri P.S. Narayana for getting insurance policies. It is also a fact that no evidence has been produced before the authorities below of the source of the cash deposited in the bank account of the assessee. No creditworthiness of Shri P.S. Narayana is also established through any evidence of giving any cash to the assessee on different occasions as alleged in the letter of Shri P.S. Narayana. Totality of the facts and circumstances, clearly show that assessee failed to explain the source of the cash deposit in his bank account through any reliable and cogent evidence, therefore, authorities below were justified in making and confirming the addition of the impugned amount in the hands of the assessee - Decided against assessee.
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