ITAT upholds Addition of 4.99 Lakhs as ‘Unexplained Cash‘ against Muthoot Group MD [Read Order]

The Kochi bench of the Income Tax Appellate Tribunal, on Friday confirmed an addition under Section 68 of the Income Tax Act, 1961 against the Muthoot Group Managing Director, George Alexander.

In the instant case, the Assessee has approached the Appellate Tribunal against the addition of Rs. 4,99,287/- as unexplained credits/deposits in various bank accounts of the assessee.

Earlier, the Assessing Officer, in the absence of any contrary evidence, treated the same as unexplained cash credit which attract the provisions of section 68 of the Income Tax Act, 1961.

Dismissing the second appeal filed by the assessee, the bench observed that “the unexplained credits/deposits in the various bank accounts calculated by the Assessing Officer which was confirmed by the CIT(A), has not been dispelled by the assessee by placing any contra material/evidence. Since there is no contra evidence or material placed by the assessee, the unexplained deposits/credits in the bank accounts of the assessee amounting to Rs. 4,99,287/- calculated by the Assessing Officer is confirmed.