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2015 (11) TMI 1678 - ITAT CHANDIGARHUnexplained cash deposits - need based cash withdrawals from his bank account - Held that:- According to CIT(A), merely because cash was withdrawn on a particular date also does not imply that the cash already withdrawn on earlier dates had been utilized. We fully endorse the above view of the CIT(A). The Assessing officer has made the observation that in the case the assessee was actually having cash in hand of ₹ 13,48,638/- as on 1.4.2007, there was hardly any reason for making further cash withdrawals. CIT(A) has correctly held that this observation of the Assessing officer is without any basis. The Ld. CIT(A) further observed that assessee had explained during the course of assessment proceedings that cash was withdrawn with the intention to buy some properly. The Ld. CIT(A) has categorically observed that actual amount of cash required in these circumstances would be known to the assessee only. He has also stated that there is no bar in keeping the cash at home according to requirements. Thus, observations of the Ld. CIT(A) are correct and, therefore, we do not see any infirmity in the order of the CIT(A). The question involved in this case is of facts and the Ld. CIT(A) has correctly appreciated the facts of the case and decided the issue correctly. - Appeal of the Revenue dismissed.
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