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2022 (1) TMI 726 - AT - Income TaxUnexplained investment u/s. 69 - Non maintenance of books of accounts - assessee had returned her income from real estate business u/s. 44AD - assessee argued that once the provisions of section 44AD is covered , she is not required to maintain books of account and she was not under any obligation to explain individual cash deposits in the bank account - HELD THAT:- Though, the assessee admitted the income u/s. 44AD, with regard to the sources of cash deposits made in the bank account , initially, she submitted that her nature of business of Spoken English Coaching Class Profession and gave certain sources for the cash deposits made on 18.10.2010 and explained the sources for the cash deposits made on 21.10.2010. When the AO accepted part of her explanation and required the assessee to prove the sources of the remaining deposits, the assessee took a different stand and canvassed that her income is from real estate business and it is covered u/s 44AD etc. However, she has not let any material/ evidences before the lower authorities to prove that she was in the real estate business. It is clear that the assessee has been inconsistent about the nature of sources of the impugned cash credits. She has not let in any material/ evidence either before the lower authorities or before us to establish that the nature of her activities are falling within the realm of business etc and the impugned transactions are part and parcel of her turnover etc but for a fact that she was a trustee in a school which was brought on record through an enquiry . Therefore, the sources of the impugned deposits were not explained by the assessee - assessee has not dislodged the findings recorded by the AO on the inconsistencies in her stand , supra. In the facts and circumstances, we do not find any reason to interfere with the orders of the lower authorities and hence the assessee’s appeal is dismissed.
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