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2014 (9) TMI 925 - ITAT CHANDIGARHUnexplained money - Deposit in bank accounts - Held that:- The assessee in the paper book filed copy of notice issued by the Assessing Officer and replies submitted before the Assessing Officer in which the assessee has filed copy of bank statement of Punjab National Bank before the Assessing Officer to show that there were withdrawals made on different dates to make availability of cash to the assessee. The assessee has made withdrawals from Citi Bank and further withdrawals have been made from partnership firm M/s. Ocean Shipping Agency in which the assessee was a partner. The Assessing Officer has brought nothing on record to show that the amounts withdrawn by the assessee utilised by the assessee in any other manner than the one which was represented by the assessee, the onus lies on the Department to show that the explanation offered by the assessee should not be accepted. We rely upon the decision of the hon'ble High Court of Punjab and Haryana in the case of Shiv Charan Dass v. CIT [1980 (4) TMI 74 - PUNJAB AND HARYANA High Court]. Considering the material on record, it appears that the evidence furnished by the assessee have not been appreciated by the Assessing Officer. Therefore the matter requires reconsideration at the level of the Assessing Officer. - Matter remanded back - Decided in favour of assessee.
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