Sec.69/69A- Addition cannot be challenged on mere denial of transaction

Brief of the Case Addition on account of unexplained money u/s 69/69A ITAT Mumbai held in the case of Hassan Ali Khan vs. DCIT that the assessee claiming that he has no bank account or based on transfer instructions, no transfer of funds had, however, been effected, would be of little moment in-as-much as the addition is toward unexplained money or bank deposit. True, the same may be lying in his account, in whole or in part, falling in a preceding year. However, it is for the assessee to exhibit so – in explanation of the nature and source of acquisition of the money he is found to be i...