Bisauha Ram Verma Vs ITO (ITAT Raipur)
ITAT Raipur held that addition under section 69 of the Income Tax Act against unexplained investment sustained in absence of any corroborative evidence supporting claim of cash deposits in bank.
Facts- The assessee is an individual, whose case for AY 2011-12 was reopened on the basis of AIR information available in the system of department, accordingly, a notice u/s 148 was issued on 30.03.2018 and served upon the assessee through RPAD.
AO observed that the assessee had deposited huge cash of Rs. 34,00,000/- in his saving bank accounts, in absence of any explanation offered by the assessee, the whole amount of deposit made in the assessee’s savings bank account was treated as unexplained investment and added to the total income of assessee u/s 69 of the Act. Also, the interest income earned by the assessee during the year for Rs. 40,156/- added to the taxable income of the assessee, thereby the total taxable income of assessee has been determined at Rs. 34,40,156/-.
CIT(A), considering the submission made by the assessee have deliberated upon the issue, but have dismissed the appeal of the assessee accepting the order passed u/s 144 r.w.s. 147. Being aggrieved, the present appeal is filed.
