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2022 (8) TMI 803 - AT - Income TaxRevision u/s 263 - Addition u/s 68 r.w.s. 115BBE - assessee, by admitting ‘other income’ did not disclose the source of earning such income and prima facie conclusion was that this income represents undisclosed income - limited scrutiny to examine ‘cash deposit during demonetization period’ - Unexplained income require taxation @60% u/s 115BBE - assessee opposed the revision on the ground that existence of books of accounts was a condition precedent for invoking the provisions of Sec. 68 and since the income do not include any income referred to in Sec.68, the provisions of Sec.115BBE would not apply - HELD THAT:- Upon perusal of assessee’s replies during regular assessment proceedings as placed before us, we find that the nature of other income of Rs.7.55 Lacs has nowhere been disclosed by the assessee whereas this income has been reflected in the return of income. This income was shown to be one of the sources of funds during regular assessment proceedings. However, no verification of ‘other income’ was done by Ld. AO. In fact during revisional proceedings, the assessee shifted the stand and submitted that it was surplus out of deposits and withdrawals which are contradictory to return of income. It is clear that the nature and source of Rs.7.55 Lacs was nowhere examined by Ld. AO as well as no explanation for the same was furnished by the assessee. Under such circumstances, the revision was justified. Finding no reason to interfere in the impugned order, we dismiss the appeal.
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