Cash deposit addition sustained where the assessee's explanation was contradicted and remained unsubstantiated.

An addition for cash deposit was sustained because the assessee's explanation of source contained contradictions that were not rebutted before the AO, CIT(A) or the Tribunal. On the material available, the explanation remained unsubstantiated, and the sustaining of the addition was not shown to be erroneous. The assessee's challenge therefore failed.

---

---

Issues: Whether the addition sustained by the CIT(A) on account of cash deposit was liable to be deleted on the basis of the assessee's explanation.

Analysis: The assessee offered an explanation for the source of the cash deposit, but the Assessing Officer found contradictions in that explanation. Those contradictions were not rebutted before the Assessing Officer, the CIT(A), or the Tribunal. On the material available, the explanation remained unsubstantiated and the finding sustaining the addition was not shown to be erroneous.

Conclusion: The addition on account of cash deposit was rightly sustained and the assessee's challenge failed.

---