Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (9) TMI 835 - ITAT CHANDIGARHUnexplained cash credit - addition to 50% of the cash deposits in bank account - CIT(A) deleted the addition to the extent of amount received through cheques and transfers - HELD THAT:- CIT(A) has not rebutted the contention of the assessee that estimated income of ₹ 25,000/- per acre rate was the rate of lease of land for agriculture purposes in the year under consideration. CIT(A) has observed that the department has not been able to establish the possible source of cash generated. We further notice that the estimation of income @ 25,000/- per acre by the CIT(A) is not based on evidence on record or report of the authority concerned. CIT(A) not pointed out any reason for rejecting the contents of the affidavit of the father of the assessee submitted by the assessee in support of his claim. CIT(A) has not pointed out any clinching evidence on record to justify his action. In our considered view, the addition of 50% of the cash deposited based on assumption and presumption is not sustainable in law. We accordingly set aside the impugned order passed by the Ld. CIT(A) and direct the AO to deleted the addition sustained by the Ld. CIT(A). - Decided in favour of assessee.
|