Baiju Lekshmanan Vs ITO (ITAT Cochin)
Unexplained Cash Deposits u/s 69A Upheld: Cochin ITAT Rejects Post-Dated Evidence in Absence of Proof
The case of the assessee was selected for re-assessment u/s 147 based on information that the assessee had made cash deposits totaling Rs.10587899/- in his bank a/c . AO observed that the assessee has not filed return of income u/s 139 despite having taxable income. In response to notices u/s 143(2) and 142(1) assessee filed a return of income . During scrutiny, the assessee failed to provide any explanation regarding the transaction to the AO in order to verify the claim. 133(6) Notice was issued to the Bank & based on the banker response, it was found that cash deposits amounting to Rs.1,05,87,899/- made during the year by the assessee in his account. Since no satisfactory reply found from the assessee, the entire amount of Rs.1.05,87,899/- was added to the total income of the assessee u/s 69A as the assessee failed to explain the source of the same and assessed the total income u/s 147/144 .
Before the CIT(A) the appellant submitted that he is a local fisherman & arranged fish from the harbor from Tamilnadu state. Though the appellant furnished the names of the collectors of fish , when CIT(A) directed the appellant for providing the relevant documents/evidences, he failed to. CIT(A) held that the appellant does not have any evidence/proof to substantiate the submissions made by him. The genuineness of the transaction, the identity of the buyers and the creditworthiness of the transactions remain unexplained.
