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2022 (2) TMI 1091 - AT - Income TaxAddition u/s 68 - unexplained deposit - HELD THAT:- Not only the assessee had failed to substantiate the nature of the deposit in his bank account, but even the explanation offered by him is clearly devoid and bereft of any force and cannot be accepted. Although the aforementioned amount had been received by the assessee vide a transfer entry in his bank account from Shri Jail Singh however, in the absence of any explanation as regards the ‘nature’ of the aforesaid receipt, we find no infirmity in the view taken by the lower authorities who had rightly stamped the same as an unexplained deposit in the hands of the assessee. We, thus, not being able to persuade ourselves to subscribe to the contentions advanced by the ld AR in his attempt to impress upon us that the lower authorities had erred in making the addition as an unexplained deposit in the hands of the assessee, uphold the same.- Decided in favour of assessee.
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