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Showing contexts for: ITD database in Shri Arvind Kumar, Hoshiarpur vs Income Tax Officer Ward-1, Hoshiarpur on 21 February, 2022Matching Fragments
5. Ground number 3 and 4 are interlinked to each other with regards to confirmation of addition of Rs. 35,80,000/- being alleged undisclosed cash deposits in Canara bank.
5.1 From the information available in the ITD database, the AO found that cash deposit of 54 80,000 been made by the appellant in his bank account with Canara bank and the year under consideration. When the appellant was asked to substantiate the source of deposits, only part information was furnished by the appellant with regard to the source of deposits in the form of foreign remittances received from abroad, commission income with copy of bank statement. The assessing officer after carefully examining the same as per para 5 of the assessment order stating therein that having given the benefit of deposits out of commission income, refunds, and foreign remittances to the extent of 19 lakhs, the balance amount of 3,580,000 was held to be unexplained income of the appellant assessee for the assessment year under consideration.