Addition for unexplained cash deposits justified if explanation furnished by assessee not verifiable

Shree Narayan Meena Vs ITO (ITAT Jaipur) Conclusion: AO was justified in making addition under section 68 on account of unexplained cash deposits found in bank account in case having regard to the human probabilities and normal course of human conduct, explanation offered by assessee was not wholesome, credible and verifiable. Held: During the course of assessment proceedings, assessee was asked to furnish source of cash deposits in his bank account exceeding Rs. 10,00,000/- during the financial year. Assessee submitted that based on the power attorney issued in his name by the land owners and...