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Case Law Details

Case Name : Karan Sharma Vs ITO (ITAT Bangalore)
Appeal Number : ITA No. 465/Bang/2018
Date of Judgement/Order : 22/02/2021
Related Assessment Year : 2011-12
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Karan Sharma Vs ITO (ITAT Bangalore)

The assessee has explained that Rs.92,54,462 is out of previous withdrawals and sale of garments and pleaded that it is to be excluded from the taxation. The assessee has not furnished any evidence to establish the nexus between the earlier withdrawals and deposits into various bank accounts. In such circumstances, we are not in agreement with the assessee’s counsel that it is from the earlier withdrawals. In our opinion, these receipts are to be considered as from unknown sources to bring into taxation. Therefore these deposits of Rs.92,54,462 to be considered as unexplained deposits from ‘income from other sources’. It is ordered accordingly.

Now the other contention of the assessee’s counsel is that the unexplained deposit into bank account cannot be considered as income u/s. 68 of the Act and it should be u/s. 69 / 69A of the Act. In our opinion, mentioning the wrong section is not fatal, we have to see only the substance not the form. Being so, inter alia, we confirm the addition on this count at Rs.92,54,462.

FULL TEXT OF THE ITAT JUDGEMENT

This appeal by the assessee is directed against the order of Commissioner of Income Tax (Appeals)-10, Bangalore dt.24.01.2018 for the Asst. Year 2011-12.

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