Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (12) TMI 219 - ITAT DELHIUnexplained deposit in the bank account with Standard Chartered Bank - CIT(A) deleting the substantial addition held that the AO failed to controvert with evidence that the amount deposited in cash in the bank accounts of the assessee was not received from sale of paintings - HELD THAT:- Differential amount Ld. CIT(A) has accepted that assessee sold the paintings genuinely to these two parties. Therefore, on the same set of documentary evidences when CIT(A) deleted the substantial addition in respect of two parties for sale of paintings to them, there were no justifiable reason for CIT(A) to sustain part addition against the assessee. The documentary evidences brought on record and examined by the AO at appellate stage and not controverted by the AO would lead to the conclusion that assessee received the impugned amount on account of sale of paintings from the above two purchasers and the evidences brought on record have not been controverted by the AO through any evidence or material on record. For sale of paintings by assessee, strictly the provisions of section 68 may not apply in the case of the assessee. Onus upon assessee to explain the source of the cash deposit in the bank account is duly discharged and, as such, there was no justification to make or sustain even part addition against the assessee. In view of the above discussion, we set aside the orders of the authorities below and delete the entire addition. AO is also directed to grant benefit of section 54F to the assessee on account of deletion of this addition as per law. - Decided in favour of assessee.
|