Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (6) TMI 1186 - AT - Income TaxUnexplained cash found credited in the books of the assessee - Held that:- Considering the totality of facts of the case and the surrounding circumstances we concur with the Ld. CIT(A) that the withdrawal were for the purpose of business and not available for redeposit.Moreover, we also agree with the Ld. CIT(A) that in the absence of any detail of expenses incurred by the assessee in this period the cash flow statement has no relevance and the entire withdrawal cannot be said to have been redeposited.Moreover as held by the Ld. CIT(A) the withdrawals have been found to be subsequently redeposited after a gap of two or three months which is not probable. The assessee therefore we find has not been able to link the cash withdrawn from the bank with cash deposit we therefore uphold the order of the Ld. CIT(A) treating the cash deposit as unexplained income of the assessee. - Decided against assessee
|