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2022 (5) TMI 219 - AT - Income TaxUnexplained cash deposit u/s. 68 - HELD THAT:- We note that the assessee was working as staff member with Bharat Shah and is now retired. The assessee has submitted that he never held any account with ICICI Bank and even address mentioned in the passbook of ICICI Bank is incorrect. He further submitted that the said ICICI Bank is being operated by his formed employer by misusing his PAN as may be evident from the fact that Mr. Bharat Shah, his former employer withdrew substantial sums from the said bank account. The assessee has alleged that the assessment was framed on the basis of reply given by Deputy Branch Manager of ICICI Bank, Usmanpura Branch, Ahmedabad where according to the assessee, he never maintained any bank account. The ld. D.R. has not been able to point out any reason why the reply of Deputy Branch Manager of ICICI Bank was never furnished to the assessee and why no opportunity was granted to the assessee to rebut the same. Further, from the records of ICICI Bank, it is seen that cheques for substantial amount of money were issued to Mr. Bharat Shah and apparently there is no reasonable explanation why the assessee would issue this amount to Mr. Bharat Shah. Also, there seems to be no reasonable explanation why the passbook of ICICI Bank has mentioned incorrect address of assessee. Assessee’s appeal is allowed for statistical purposes.
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