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2013 (6) TMI 596 - AT - Income TaxUnexplained credits in the bank account - Held that:- Before coming to the conclusion that the assessee has utilised the withdrawn amount of Rs.44,44,412/- for some specific purpose, it was incumbent on the part of the revenue authorities to establish on record with supporting evidence what are the specific purposes for which the amount was utilised by the assessee. Without bringing any material on record, assessee's explanation regarding availability of cash cannot be rejected on presumption and surmises when there is no material on record to prove that the assessee had acquired any asset or utilised such funds for any purpose. Presumption and suspicion however strong may be cannot take the place of evidence. Therefore the explanation submitted by the assessee that the amounts withdrawn from the bank was again re-deposited in to the bank account has to be accepted when there is no other material brought on record to show that the assessee has utilised it for some other purpose. Accordingly, the addition made cannot be sustained - appeal filed by the assessee allowed.
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