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2019 (11) TMI 1404 - ITAT COCHINUnexplained investments u/s 69 - Cash deposits made by the assessee on various dates as presumed from earlier withdrawals - HELD THAT:- AO has not disputed the existence of Bank accounts and withdrawal from the same. The earlier withdrawal of ₹ 50 lakhs from the Bank account on 31/12/2013 or withdrawal from various Bank accounts on different dates is not disputed. The assessee might have kept the cash withdrawals with him and redeposited into various Bank accounts on a later date. It is quite possible that the assessee might have withdrawn the cash for some purpose but the same remains to be utilized for one reason or the other and the cash continues to be remained with him. Cash withdrawals from Bank accounts continues to remain as cash balance with the assessee even for many months and sometimes cash withdrawn is utilized on the same day. All these probable aspects of the matter cannot simply be ignored or brushed aside but the fact remains that the cash has been withdrawn from the Bank and that is not at all disputed. Explanation of the assessee deserves to be accepted, unless contrary is brought on record which has not been done in this case Cash deposits made by the assessee on various dates should be reasonably presumed that it is from earlier withdrawals made by the assessee on various dates. Accordingly, we delete the entire addition of ₹ 32.5 lakhs made by the Assessing Officer. Appeal of the assessee is allowed.
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