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2010 (12) TMI 830 - ITAT, AHMEDABADAddition - Unexplained cash deposits - assessee is an individual serving with M/s Sheth Metal (P) Ltd. as salaried employee - AO on the basis of non-verification of the claim of the assessee held that entire sum of Rs.17,48,500/- found deposited in the bank account is an unexplained investment under section 69A - CIT(A) granted relief to the assessee - held that:- neither the deposits are proved by the assessee nor the claim of peak is established by him. - assessee has also failed to show real destination of the money through bank draft so purchased by him out of the cash deposited in the bank account thereby suppressing material facts in understanding the nature of cash inflow and its destination. - Entire transaction of deposits in the bank account remained under crowd of secrecy and, therefore, the explanation furnished by the assessee remained unsatisfactory. Even the benefit of withdrawal through ATM mentioned as above cannot be given importance because they are apparently for household purposes and cannot be said to be available for redeposit in absence of any other evidence of meeting out household expenditure by the assessee. - Decided in favor of revenue.
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