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2011 (2) TMI 145 - PUNJAB AND HARYANA HIGH COURTAddition - Unexplained cash credit - Withdrawal of cash from business - The Tribunal held that since there were withdrawals made by the assessee on 10.3.1995 and the assessee did not possess cash amounting to Rs.1,64,000/- on the date of the search, i.e., 11.8.1995 therefore, cash deposit of Rs.1,00,000/- on 10.4.1996 was undisclosed income of the assessee. - Held that:- assessee was unable to justify withdrawal made by the assessee on 10.3.1995 in case any part of the amount of Rs.1,64,000/- received on 9.1.1995 on account of cancellation of sale deed was available with him. Therefore, the explanation of the assessee that the entry of Rs.1,00,000/- on 10.4.1996 was on account of reintroduction of the said amount had rightly not been accepted. - Decided against the assessee
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