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2013 (8) TMI 514 - ITAT DELHIDeemed dividend u/s 2(22)(e) - A.O. made addition on account of debit balance of account - Held that:- there was opening credit balance, then debit balance occurred due to certain payments made by M/s Daisy Motors Pvt. Ltd. to the assessee in the month of April and July. Thereafter, from July 2005 to 22nd March, 2006, there was a credit balance and again on 30th March, 2006, there was a debit balance - From the copy of account, it is evident that the assessee also made purchase of ten vehicles. Thus, the account is clearly in the nature of a running current account and merely because for a few days there was a debit balance of it cannot be said that such debit balance was either loan or advance by M/s Daisy Motors Pvt. Ltd. to the assessee - Following decision of CIT Vs. Creative Dyeing and Printing P.Ltd. [2009 (9) TMI 43 - DELHI HIGH COURT] and CIT Vs. Ambassador Travels P.Ltd. [2008 (4) TMI 428 - DELHI HIGH COURT] - Decided in favour of Assessee. Unexplained expenditure - Household expenses - Held that:- considering the size of the assessee's family and the status of the assessee, the estimate of household expenditure of ₹ 30,000/- per month is quite fair and reasonable - while considering the household expenditure, withdrawal by the assessee's wife should also have been considered - Addition on account of unexplained expenditure reduced - Decided against Assessee.
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