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2014 (1) TMI 1769 - AT - Income TaxUnexplained cash deposits - Held that:- A cursory glance of the Bank statements provided by assessee clearly show that withdrawals made by the assessee were substantially in cash. There were very few entries of withdrawals other than through cash. When cash withdrawals and cash deposits were available, in our opinion Assessing Officer ought have considered the withdrawals as a source for explaining the deposits. Assessee had all along stated that the withdrawals and deposits were only on account of his cash purchases and sales of garments. Ld. CIT(Appeals) in his order for an earlier assessment year 2005- 06 had considered the peak credit in the bank account after considering cash withdrawals and cash deposits. In such work out he had excluded the withdrawals which were not made in cash. Thus in our opinion ld. CIT(Appeals) had properly gone through the Bank statements and held that only the peak credit could be assessed to tax. In doing so, ld. CIT(Appeals) also considered the peak credits already considered in the preceding assessment year 2005-06. In fact, Revenue has not been able to point out whether any appeal has been filed before this Tribunal against the order of ld. CIT(Appeals) for assessment year 2005-06. - Decided against revenue
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