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2013 (12) TMI 1367 - AT - Income TaxUnexplained cash deposits - Held that:- On perusal of documents impounded during search which are ways and means account and balance sheet and copy of bank statement of Andhra Bank, there were entries with reference to the deposits and corresponding withdrawals - The genuineness of these transactions have been demonstrated by Assessee by way of documentary evidence - Since the assessment was made based on the ways and means statement, the learned CIT(A) has rightly deleted the addition by giving a categorical finding that it is clear from the ways and means account that Assessee had sufficient funds to deposit the amounts in the Banks - Decided against Revenue. Discharge of income tax liability before proceedings - Held that:- Assessee had paid the tax before the appeal was heard by the CIT(A), therefore, the ground is not material - Facts on record indicate that assessee discharged the tax liability by the time CIT(A) heard the case - Decided against Revenue. Unexplained income - Held that:- Copy of ways and means account, and copies of bank statement of account from Andhra Bank, Tirupathi and Bank of Baroda are placed to establish that the entries of the said deposits have been appeared in the said statements - Since Assessee has proved the genuineness of his claim by way of documentary evidence - Decided in favour of assessee.
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