PUSHPA DEVI GUPTA,KASGANJ vs. I.T.O., WARD-3(2), ETAH

From case records, it emerges that the assessee runs a petrol pump in the name of M/s Rishav Kisan Sewa Kendra. It transpired that the assessee deposited cash of Rs.59.71 Lacs in its savings bank account. The Ld. AO added the same to the income of the assessee u/s 69 for want of any satisfactory reply from the assessee. The Ld. AO also observed that the said bank account was not reflected in the financial statements. During first appeal, the assessee furnished additional evidences which were subjected to remand proceedings. The Ld. AO made enquiries and arrived at the conclusion that the agreements as given by the assessee were fake and wrong. The stamp paper was dated 21-01-2016 whereas the agreement was shown to have been entered between 01-08-2013 to 31-01-2014. Considering the same, Ld. CIT(A) upheld the addition against which the assessee is in further appeal before us.

The facts as noted by lower authorities remain undisputed before us. It is quite clear that the assessee has deposited cash in undisclosed bank accounts. The assessee has miserably failed to prove the source of the same. Accordingly, no interference is required in the orders of lower authorities.