Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (3) TMI 1236 - AT - Income TaxUnexplained cash credit - addition on cash deposits - Held that:- There is nothing on record to show that the amount of ₹ 13 lakhs withdrawn by the assessee on 17.12.2008 was used for some other purpose. In our opinion, the said withdrawal having been made by the assessee just before a week i.e. on 17.12.2008, the same can reasonably be treated as available with the assessee for cash deposit of ₹ 21 lakhs made on 24.12.2008 especially when there is nothing to show that the amount of ₹ 13 lakhs withdrawn on 17.12.2008 was utilized by the assessee for some other purpose. We, therefore, treat the cash deposit of ₹ 21 lakhs made by the assessee in the bank account on 24.12.2008 as explained to the extent of ₹ 13 lakhs and sustain the addition made by the A.O. and confirmed by the Ld. CIT(A) on this issue to the extent of ₹ 8 lakhs. - Decided partly in favour of assessee
|