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2022 (2) TMI 77 - AT - Income TaxAddition representing cash deposit in bank account - unexplained investment u/s 69 - HELD THAT- Assessee filed certain books of accounts. It is worth mentioning that the assessee filed his return of income by offering income u/s 44AD and contending that no books were maintained. The entries in Cash Book prepared and submitted by the assessee were found by the AO to be incorrect for the detailed reasons given in the assessment order. AR could not improve the case of assessee before the Tribunal and candidly accepted that there was no further evidence. Under these circumstances, addition has been rightly sustained in the first appeal. Addition of unexplained credits - assessee could not justify creditworthiness of the alleged loan purportedly taken from his wife, despite repeated opportunities given to explain the sources of her income - HELD THAT:- Having heard the rival submissions in Virtual Court and gone through the relevant material on record, it is seen that the assessee recorded credit of ₹ 19 lakhs in the name of his wife but failed to substantiate creditworthiness of loan creditor before the AO. What to talk of creditworthiness, even no source of income was shown. The position remains the same before the Tribunal as well. Under these circumstances, we are satisfied with the findings of the CIT(A) in sustaining the addition. The impugned order is, ergo, upheld.
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