Addition U/s. 69 justified if assessee cannot furnish any explanation regarding source of receipt of money

Advertisement K.L. Prasada Rao Vs. ITO (ITAT Visakhapatnam) Neither before the assessing officer nor before the learned Commissioner (Appeals), the assessee could prove the source of investment, in fact, no explanation was offered. Thus, additional evidence filed for the first time, cannot be entertained, more particularly on the ground that even the confirmation letters are not sufficient to prove the investment. It is the duty of the assessee to prove the creditworthiness of the parties also, which is absent in the instant case. Having regard to these circumstances, the addition made by ...