Deposit in bank not explained satisfactorily is unexplained credit U/s. 69A

The assessee has failed to bring on record any evidence to establish his claims that the deposits in the ICICI Bank, saving bank account at Khar (W), Mumbai was out of receipts connected with his business transactions. In our view the assessee has failed to controvert the findings of the authorities below that he was not engaged in any business activity during the year under consideration. Therefore, in our considered opinion, the said unexplained deposits amounting to Rs. 27,10,812/-, the source of which has not been satisfactorily explained by the assessee, has been correctly treated as unex...