SANJEEV KUMAR GARG,DADRI vs. ITO,WARD-3(3), NOIDA

Case called twice. None appears at the assessee’s behest. We accordingly proceeded ex-parte against him.

Learned Departmental Representative vehemently argues during the course of hearing that both the lower appellate authorities herein have rightly made the impugned section 68 unexplained cash credits addition representing the taxpayer’s cash deposits in saving bank accounts.

Mr. Yogesh Sharma, Sr. DR’s case accordingly is that this tribunal ought to confirm the impugned addition since the assessee has all along failed to explain the source of his cash deposits herein. 5. A perusal of the instant case file reveals that the assessee had attributed the source of the impugned cash deposits to the advances received from Sh. Abid and Sh. Alok on 17th and 10th June, 2008 amounting to Rs.6 lakhs and 4 lakhs, respectively in lieu of transferring his lands, whose sale deeds never materialised. The fact, however, remains that even if the said source is rejected, accumulation of family savings etc. could not be per se ruled out keeping in kind the taxpayers’ socio-economic status. I, therefore, deem it appropriate that a lumpsum addition of Rs.4 lakhs only