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The Tax PublishersITA No. 2226, 1520, 1521, 1853/PUN/2016 & ITA No. 153/PUN/2017
2019 TaxPub(DT) 2589 (Pune-Trib)INCOME TAX ACT, 1961
Section 69
As assessee failed to substantiate genuineness of transaction of sale of land from which he claimed to have made deposits in bank accounts, AO was justified in making addition of such deposits under section 69.
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Income from undisclosed sources - Addition under section 69 - Unexplained cash deposits in bank account - Assessee failed to substantiate sale of land generating cash
As per AIR information assessee has deposited cash in three saving bank account. Assessee stated that cash deposit was out of transaction of sale of land that he entered with one 'G'. The transaction was not registered and accordingly AO made addition of deposit amount under section 69. Held: The facts revealed that assessee was doing regular deposits in alleged accounts without disclosing them in his return of income and thus evading tax. It was first through the AIR information that he was taken into task in 2011-12 and thereafter, he had executed Saate Khat with his relative which was also not registered and was later cancelled. The entire transaction was carried in cash so that any trail of money could not be established. In view of this AO was justified in making addition under section 69.
REFERRED :
FAVOUR : Against the assessee.
A.Y. :
INCOME TAX ACT, 1961
Section 69
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