https://www.taxtmi.com/caselaws?id=277135 Section 69 can be invoked for unexplained investments even where the assessee has not maintained books of account, because the provision is read as covering amounts not recorded in any books maintained. The assessee's objection on that basis therefore failed and the addition was upheld. Refusal to admit additional evidence was also sustained, as adequate opportunity had already been given and the source of cash deposits remained unexplained. An unregistered agreement to sell could not, on the facts discussed, by itself support the explanation that the deposits represented sale proceeds. The separate ground on 5% net profit from cash deposits was remanded for fresh adjudication on merits. en-us Thu, 30 Nov 2017 00:00:00 +0530 Wed, 10 Apr 2019 11:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277135 Section 69 can be invoked for unexplained investments even where the assessee has not maintained books of account, because the provision is read as covering amounts not recorded in any books maintained. The assessee's objection on that basis therefore failed and the addition was upheld. Refusal to admit additional evidence was also sustained, as adequate opportunity had already been given and the source of cash deposits remained unexplained. An unregistered agreement to sell could not, on the facts discussed, by itself support the explanation that the deposits represented sale proceeds. The separate ground on 5% net profit from cash deposits was remanded for fresh adjudication on merits. Case-Laws Income Tax Thu, 30 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277135