Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (1) TMI 1211 - AT - Income TaxAddition on account of unexplained cash deposit - CIT(A) deleted the addition - Held that:- Assessing Officer has made addition on the basis AIR information. Though cash flow statement was furnished before him, but he has not looked into while making the addition; whereas the ld. CIT(A) has examined all the entries in the cash flow statement, which is available on record. In the cash flow statement, the movement of cash was disclosed and it is evident that on all dates whenever cash was deposited in the bank, the assessee was having sufficient cash balance. Nothing has been brought on record to demonstrate that the cash withdrawn by the assessee was exhausted or utilized for other purposes and the deposits were made out of undisclosed sources. In the light of these facts, we are of the considered opinion that the assessee has properly explained the source of deposits in the bank, which was properly appreciated by the ld. CIT(A). Accordingly, we find no infirmity in the order of the ld. CIT(A) and we confirm the same. - Decided against revenue.
|