2021 (2) TMI 1032

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....unting to Rs. 20,87,000/- in his bank account in assessment year under appeal. The AO noted that assessee had not filed return of income for the year under consideration. The AO, accordingly, recorded the reasons and issued notice u/s. 148 of the Act, in response to which assessee filed return of income declaring income of Rs. 2,67,709/- under the head "salary and other sources". The assessee is a salaried person in ICICI Prudential Life Insurance Limited. The AO asked the assessee to explain the source of cash deposits made by the assessee in his bank account. The assessee could not file any satisfactory explanation or evidence, therefore, AO made addition of Rs. 20,87,000/- to the income of the assessee u/s. 69 of the Act. 3. The asses....

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....re, 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. Narayana who has also filed his statement dated 2.11.2017. We do not find any substance in the argument of the Ld. Counsel for the assessee. The AO has specifically recorded in the assessment order that the bank account of the assessee revealed that assessee has deposited cash on different dates from 09.09.2009 to 13.02.2010 of different amounts. The AO on perusal of the premium receipts also noted that these receipts do not pertain to Shri P.S. Narayana from whom assessee claimed to have receive....