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2023 (5) TMI 1204 - ITAT CHENNAIUnexplained cash deposits - cash deposits made during demonetization period - assessee submitted that source for cash deposits was out of sale proceeds of ancestral property (agricultural land) and initially receipts from sale of property was deposited into joint account of assessee and sister-in-law and later sister-in-law has withdrawn money from her bank account and gave a gift to the assessee. The source for cash deposit is out of gift received from my sister-in-law - HELD THAT:- From the sequence of events and arguments of the assessee right from the assessment stage to appellant stage, we find that there is inconsistency in arguments in respect of source for cash deposits. Assessee could not file any corroborative evidence to substantiate his arguments, that why the money received towards sale of property was kept in his sister-in-law bank account, when he was having right and interest in the property. Assessee could not also explain how the amount withdrawn in the year 2013 was made available for depositing in the year 2016, that too during demonetization period. The arguments of the assessee that money was kept for the purpose of treatment of his brother was also unproved, because no evidence has been filed to justify his arguments and further, there was no proof as to how much was spent for treatment and how much balance was available with the assessee. It is difficult to accept the evidences filed by the assessee to prove the source for cash deposits during demonetization period - Decided against assessee.
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