Addition towards unexplained investment sustained in absence of explaining source of investment

Shri Pujala Mahesh Babu Vs ACIT (ITAT Hyderabad) ITAT Hyderabad held that addition towards unexplained investment sustained as assessee couldn’t explain the source of investment. Onus is on the assessee to explain the source of investment. Facts- A search and seizure operation u/s 132 of the I.T. Act was conducted in the Mansani group of cases on 20.11.2014 and the case of the assessee was also covered during which certain incriminating materials were seized. A survey operation u/s 133A of the I.T. Act, 1961 was also conducted in the business premises of the assessee on 20.11.2014 during whi...