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2021 (8) TMI 712 - ITAT AMRITSARUnexplained deposits made in assessee’s Bank Account - As argued cash withdrawn from the same Bank Account on prior dates was available with the assessee for redeposit in the same Bank Account - HELD THAT:- The benefit of cash withdrawn of ₹ 15,50,000/- on 22.05.2008 earlier from the date of deposit in the bank on 13-06-2008 has to be allowed to the Assessee unless the AO or the Ld. CIT (A) is able to show that the cash so withdrawn was spent elsewhere. It is discernable from the written submission of the assessee that the cash of ₹ 15,50,000/- was withdrawn 21days earlier by him on 22.05.2008, to the date of deposit in the bank on 13-06-2008. The AO/CIT(A) had led no evidence to show that the cash withdrawn by him had been spent and was not available for redeposit. In view of that the finding of the Ld. CIT(A) regarding allowed claim of the benefit to the tune of ₹ 4,45,000/- only out of the cash withdrawal of ₹ 15,50,000/- on 22.05.2008 is legally not justified. CIT(A) ought to have brought on record evidence to show that the balance cash of ₹ 11, 05000/- out of the total so withdrawn cash of ₹ 15,50,000/- was spent elsewhere. Thus in the light of facts of the assessees ownership of agricultural land and 33 buffaloes, the agricultural income shown at ₹ 6,50,000/- is quite reasonable and as such, accepted. Thus, the appellant assessee gets further relief of ₹ 2,50,000/- on account of agricultural income. Further, the remaining balance cash deposit of ₹ 2,73,004/- [16,28,004 – 13,55000 (11,05000+2,50000) can be allowed as explained as the personal saving out of agricultural income to the assessee, in the absence of any cogent evidence brought on record by either of the lower authorities to prove otherwise. Thus, the appellant assessee claims to have deposited ₹ 16,28,004/- out of his savings from agriculture income, sale of live stocks (33 buffalos) stands explained. - Decided in favour of assessee.
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