TaxTMI 
TaxTMI 
2021 (2) TMI 1032
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....irected against the order of Ld. CIT(Appeals)-1, Gurgaon dated 31.01.2019 for AY 2010-11, challenging the addition of Rs. 20,87,000/- on account of cash deposits in the bank account of the assessee. 2. Briefly the facts of the case are that AO received an information that assessee had deposited cash amounting to Rs. 20,87,000/- in his bank account in assessment year under appeal. The AO noted tha....
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....rance Premium. It was submitted that insurance receipts were in the name of Ms. Pooja Narayana. The assessee filed statement of Shri P.S. Narayana dated 02.11.2017 in which it was explained that he has given cash totaling to Rs. 21 lakhs to the assessee on different occasions during the period from 2006 to 2010 as he planned to move out of India and settled abroad in 2010. He has requested the ass....
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....to explain the source of the cash deposit in his bank account through evidence. However, assessee has failed to prove the source of the same, therefore, it being unexplained investment was rightly added to the income of the assessee. Ld. Counsel for assessee reiterated the fact that amount was deposited as the same was given to the assessee for taking the insurance policy on behalf of Shri P.S. Na....
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....tatement signed by assessee explaining therein that assessee had deposited cash into his bank account and made a demand draft in favour of the ICICI Prudential Life Insurance Company. The assessee stated in this letter that he has received cash amount of Rs. 8,30,000/- on 09.09.2009 and on three occasions Rs. 4 lakh each was received on 22/09, 05/10 and 14/12. This fact is contradicted to the expl....