Revenue right in making addition on account of unexplained source of deposit.
Apr. 21, 2017
Monetary transaction of any volume and kind should always be supported by genuine documentary evidence. Lack of documentary evidence could lead to addition being made in your income and thus lead to greater taxes. In the present case, Assessee could not produce any documentary evidence relating to any monetary transaction and as a result, AO made addition to his income also his appeals before CIT(A) and ITAT were dismissed.-501520