9911796707
TMI Blog2019 (11) TMI 1630X X X X Extracts X X X X X X X X Extracts X X X X ..... . These are bald statement to hoodwink the Revenue for evading taxes, without any iota of evidence. Even before me also, the assessee could not offer any explanation to justify the source deposits, what to talk of any cogent and convincing piece of evidence. CIT(A) has recorded a finding that the appellant s contention that he has not deposited the cash loan is contrary to the documents furnished by the bank, which clearly showed that cash ₹ 25 lakhs has been deposited on 09.10.2009 in the assessee s saving bank account and on the same day, cash of ₹ 12 lakhs and ₹ 13.00 lakhs have been withdrawn vide cheque - Both these copies of the documents furnished by the bank to the Revenue have not been refuted by the assessee - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - ₹ 12,00,000 withdrawal by cheque no. 275346 09/10/2019 - ₹ 13,00,000 withdrawal by cheque no. 275347 10/11/2019 7,000 Cash deposited 10/11/2019 8,000 Cash deposited 14/12/2019 15,000 Cash deposited Total 25,30,000/- 4. The ld.AO sought explanation from the assessee source of the cash for making the deposits and also show caused as to why the above cash deposits should not be treated as deposits made from undisclosed inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red all the aspects of the issue, and in the absence of any evidence, find no merit in the contentions of the assessee. The ld.CIT(A) confirmed the impugned addition. Still aggrieved, the assessee is now before the Tribunal. 5. Before me, the ld.counsel for the assessee reiterated submissions made before the ld.Revenue authorities, while the ld.DR supported the orders of the Revenue authorities. 6. I have heard both the parties and perused the material available on record. The issue before me is that cash deposit of ₹ 25.00 lakhs shown in the saving bank account of the assessee is genuine or not. Section 68 of the Act contemplates that where any amount is found credited in the accounts of the assessee relating to any previous ye ..... X X X X Extracts X X X X X X X X Extracts X X X X
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