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2013 (7) TMI 800 - AT - Income TaxUnaccounted cash deposit in the bank account - Held that:- The assessee has sufficiently discharged the onus of proving the said deposits in to the bank account. The pattern of deposits and withdrawals made in the bank account which are reproduced by the AO assessment order does not establish the fact that the deposits made of a total amount of Rs.5 lakh on 25-8-2008, 26-8-2008 and on 8-9- 2008 are out of the withdrawals of Rs.4,91,000/- made on 27-5- 2008. Similarly, the assessee's explanation with regard to the deposits of Rs.1 lakh and Rs.4 lakh respectively on 29-1-2009 and on 18-3-2009 are acceptable in view of the fact the AO has not disputed the fact of borrowals of Rs.5 lakhs made from Mr. Rajeev Aurangabadkar on 12-12-2008. Similarly, assessee's explanation with regard to total deposits of Rs.1,44,500/- on different dates as mentioned in CIT (A)'s order also cannot be rejected considering the nexus between the deposits and the income and also the fact that the assessee had shown income of Rs.2,61,250/- and agricultural income of Rs.72,630/- which has not been disputed by the AO. Thus no infirmity in the order of the CIT (A) in deleting the additions made by the AO as the assessee has satisfactorily explained the source of such deposits. Assessment of income - AO contested against CIT (A)'s direction to determine the net profit at the rate of 5% of the purchases and stock put for sale during the year - Held that:- As decided in Income tax Officer-Ward-2, Hyderabad Versus Amaravathi Wine Shop, Hyderabad [2012 (8) TMI 706 - ITAT, HYDERABAD] income of the assessee in this particular line of business of liquor has to be estimated at 5% on purchase of stock put for sale. Since the impugned order of the CIT (A) is in consonance with the consistent view taken by the co-ordinate bench of this Tribunal in similar matter appeal filed by the department is dismissed.
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