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2022 (11) TMI 728 - AT - Income TaxUnexplanied cash deposits - undisclosed income - HELD THAT:- It is pertinent to note that the assessee has only submitted before the authorities that the assessee made withdrawal of unsecured loan lying in the company Excel Health Care Pvt. Ltd. but the assessee never explained as to the ledger of loan given or taken alongwith rate of interest charge/paid alongwith details TDS deducted and documentary evidences. The assessee did not explain the relationship of the persons such as friends and relatives while deducting loan which was deposited in Axis Bank. In fact, M/s. Excel Health Care Pvt. Ltd. were also asked the details but it clearly stated that no interest has been paid to the assessee in F.Y. 2007-08 and company did not made any transaction with the assessee in cash except the transaction entered into F.Y. 2007-08. Thus, from the perusal of the records it can be seen that the assessee has not given the evidence related to cash deposits before the AO as well as before the CIT(A) and the explanation by the assessee during the assessment proceedings as well as during the appellate proceedings were inadequate. The ledger account of Excel Health Care Pvt. Ltd. is inadequate to show as to why the cash deposits have been made by the assessee. Hence, the appeal of the assessee is dismissed.
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