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2012 (7) TMI 343 - AT - Income TaxAddition to the income of assessee u/s 68 - Held that:- As there was sufficient cash withdrawal from the bank account of M/s. Ocean Trading Company during the relevant period and Assessee’s wife was partner of M/s. Ocean Trading Company - Ledger account of capital account of wife of assessee from the books of firm also reflects the withdrawals made by her. Thus, the facts regarding the withdrawal of cash from the capital account of her are not in dispute and facts regarding the purpose for which the withdrawal was made were also well established - The person with whom the deal of purchase of property was made has also confirmed the fact regarding the transaction entered into for purchase of the property. Therefore, there is no doubt that cash balance was available with the wife of the assessee - as the amount was given by her to her husband which in turn has deposited in his bank account, not stating specifically regarding the character of transaction between husband and wife whether it was loan or gift, shall not be sufficient to treat the source of the amount deposited in the bank account of the assessee as unexplained - in favour of assessee.
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