2019 (8) TMI 1927 - AT - Income Tax

Income Tax Tribunal Rejects Rs. 17.25 Lakh Cash Deposit Claim Due to Lack of Substantive Evidence and Credible Transaction Proof

ITAT Pune dismissed assessee's appeal, upholding addition of Rs. 17,25,000 for AY 2014-15. The Tribunal found the assessee unable to substantiate the cash ... Unexplained cash deposit - assessee did not produce the person nor established the credibility of this transaction to the satisfaction of the AO - HELD THAT:- There is no appearance from the side of the assessee despite notice. It is seen that the assessee could not substantiate or explain the identity and credibility of the Rahul Uttam Murhe as well as amount deposited either at the assessment stage or before the ld. first appellate authority. The position remains similar before the Tribunal as well. We concur with the reasons adopted by the CIT (Appeals) and uphold the impugned order. Appeal of the assessee is dismissed. The ITAT Pune, per Vice President Shri R.S. Syal, dismissed the assessee's appeal against the CIT(A)-6, Pune order confirming an addition of Rs. 17,25,000 for AY 2014-15. The assessee deposited Rs. 31,50,200 in cash, claiming Rs. 17,25,000 was received from Mr. Rahul Uttam Murhe. However, the assessee failed to produce Mr. Murhe or substantiate the transaction's credibility before the AO, CIT(A), or the Tribunal. The Tribunal held that since the assessee 'could not substantiate or explain the identity and credibility' of the alleged source, it concurred with the CIT(A)'s confirmation of the addition. The appeal was therefore dismissed.