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2022 (8) TMI 577 - AT - Income TaxUnexplained money u/s 69A - assessee offered no explanation about the nature and sources of the acquisition of money deposited into bank accounts - AO held that the tax liability of the assessee has to be computed as per the provisions of section 115BBE of the Act as the addition is made under section 69A - HELD THAT:- Sec.69A of the Act can be invoked only when the assessee is found to be owner of money, bullion, jewellery or other valuable article or thing is not recorded in the books of accounts maintained by him for any source of income and the assessee offers no explanation or the explanation offered is not satisfactory. When the entries are found recorded in the books of accounts, the aforesaid provisions cannot be invoked at all. The source of income of the assessee is salary from the partnership firm “Siddivinayak Ventures” and ‘income from other sources’. A credit entry in the bank pass book regarding receipt of money into that account cannot be the basis to hold that the assessee is found to be owner of any money, bullion, jewellery or other valuable article or thing and therefore the first condition for invoking the provisions of Sec.69A of the Act, does not stand satisfied. Conditions for invoking the provisions of Sec.69A of the Act, are not satisfied in the present case - all the cerdits have been staisfactorily expalined by assessee - affidavits has been filed giving all details like address and PAN confirming that parties had paid through banking channels.
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