The assessee had withdrawn huge amount of cash from his bank account on different dates in order to purchase an immovable property. Assessee failed to explain source of those cash deposits. AO added same to assessee’s taxable income. Tribunal confirmed the addition. High Court affirmed the order of the Tribunal. (AY. 2011-12)
Shashi Garg v. PCIT (2020) 423 ITR 150 / 113 taxmann.com 92 / 269 Taxman 27 (Delhi)(HC) Editorial : SLP of assessee is dismissed; Shashi Garg v. P CIT (2020) 269 Taxman 26 (SC)
S. 69A : Unexplained money-Failure to explain the source of cash deposit in the bank account-Addition is held to be justified.