Addition u/s. 69 against unexplained investment sustained in absence of sufficient evidences: ITAT Raipur

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 ...