Self serving recitals cannot be accepted as true Unless the assessee proves it

Brief Fact of the case In the present case, AO come to know about cash deposit of Rs.13.01 Lac by the assessee through AIR Information. On being called upon to explain the source of such cash deposit, assessee submitted that he has inherited a sum of Rs.13 lac from his mother who has died on 14-08-2006 and produced copy of her income tax return, copy of will and death certificate in support of his claim. However, the A.O. was not satisfied with the explanations and evidences submitted by the assessee. A.O. also expressed the applicability of wealth tax as the value of cash and jewellery as cla...