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2021 (4) TMI 154 - AT - Income TaxAddition of unexplained deposits in the bank account maintained by the assessee - HELD THAT:- The return so filed u/s 44AD has been accepted by the Assessing officer which in effect means the declarations and disclosure so made by the assessee in terms of carrying on diary business, non-maintenance of books of accounts and gross receipts from such business has since been accepted by the Assessing officer. In such a scenario, where there are cash and other credits in the bank account maintained by the assessee which are less than the gross receipts from diary business so declared by the assessee, we find the explanation offered by the assessee that such deposits are from his diary business as a plausible explanation in absence of anything contrary on record in terms of any other source of income - We find force in the contention so advanced by the ld AR that the source of cash and other deposits in the bank account is out of assessee’s dairy business and gross receipts thereof have already been offered in the return of income.The addition so made by the Assessing officer is hereby directed to be deleted. - Decided in favour of assessee.
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