2024 (8) TMI 814

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.... erred in confirming the addition of Rs. 26,79,000/- treating the same as unexplained money u/s 68 of the Act. 3. The necessary facts are that the assessee in the present case is an individual and working in the garment factory. The assessee in the year under consideration deposited a sum of Rs. 26,79,000/- only in cash in the bank. The source of cash deposit was explained by the assessee as detailed below: PAN NUMBER NAME OF THE PARTY RELATION AMOUNT BPEPV9S7IE VINOD V SON Rs. 6,00,000/- BARPV7550E ARUN V SON Rs. 5,00,000/- CZAPR9853H RUKMINI M SISTER IN LAW Rs. 4,00,000/- ADGPV7333M UMAVATHIM SISTER IN LAW Rs. 5,00,000/- ARSPA4999B KRISHNA BROTHER Rs. 5,00,000/- ....

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....the confirmation of the parties, which was not doubted by the authorities below. As such, the onus was shifted upon to the revenue to disprove the contention of the assessee based on cogent materials. Accordingly, it was prayed by the ld. AR that the addition made by the AO and subsequently confirmed by the ld. CIT(A) deserves to be deleted. 8. On the other hand, the ld. DR vehemently supported the order of the authorities below. 9. We have heard the rival contentions of both the parties and perused the materials available on record. The assessee in the year under dispute has made deposits in cash of Rs. 26,79,000/- only. The source of cash was justified by the assessee stating that it was received from the relatives discussed above. ....