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2013 (12) TMI 644 - AT - Income TaxUnexplained cash deposits - Held that:- The assessee has reflected the bank statement in his balance sheet as well as return of income - Every cash deposit made in the disputed savings bank account of the assessee was immediately withdrawn for the purpose of purchasing the demand drafts in the name of Indian Oil Corporation Limited - All the demand drafts were purchased in favour of Indian Oil Corporation Limited and they were all purchased for the purpose of running the fuel station - The assessee has explained the nature of these cash deposits found in the savings bank account maintained by the assessee – Decided against Revenue. Unexplained investment in jewellery – Held that:- The CIT(A) has granted sufficient relief to the assessee by accepting all the plausible explanations offered by the assessee - The assessee is again bringing some grounds against the confirmation of some quantity of gold jewellery as unaccounted, not on the basis of any evidence, but by way of pleadings – Decided against assessee.
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