Unexplained income addition sustained as genuineness of transaction not proved

Kumar Suman Singh Vs ACIT (ITAT Patna) ITAT Patna held that addition towards unexplained income upheld since assessee failed to prove genuineness of transaction and creditworthiness. Accordingly, appeal dismissed and addition upheld. Facts- The assessee is an individual. A search and seizure operation u/s 132(1) of the Act was conducted on 19.02.2004 in the case of the assessee as well as his associates/relatives. In this search operation, substantial investments in form of movable and immoveable properties were discovered which was alleged to have been unaccounted income of the assessee. The ...