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2014 (8) TMI 1042 - HC - Income TaxUnaccounted income - cash withdrawal from the bank - Held that:- AO’s action of making addition on accounts of all deposits made in the bank accounts of the appellant is without any justification and bordering to the point of high pitch assessment. During the course of assessment proceedings as well as before the undersigned the appellant has produced cash book showing daily cash balances. From this statement it is observed that appellant was having maximum cash balance of ₹ 7,95,165/on 26/08/2008. Considering that whatever income the appellant earned is being ploughed back into his business and he could have at the most earned income to the extent of the maximum cash balance as per his cash book, accordingly maximum addition is restricted to the peak of cash balance during the year. Under the circumstances, addition of ₹ 7,95,160/on account of unaccounted income is being confirmed and the assessee gets relief ₹ 31,75,604/.
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