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2014 (1) TMI 232 - ITAT KOLKATAUnexplained cash credit - Held that:- There was no physical cash available with the assessee on the date of survey - Various payments and remittances, including bank deposits were not incorporated in such books, resulting in the abnormal cash balance - Assessee had filed reconciliation and documents in support of cash balance - Assessing Officer had offered no comments on the reconciliation given by the assessee - Section 68 can be roped in to fasten a tax liability on an assessee, only when no explanation regarding source of the credits has been offered - Even if it is presumed that cash balance of Rs.3,79,65,399/- was indeed there on 04.03.2008 there is no case for the Revenue that the said amount, appearing in the books was not explained - That the balance cash was appearing in the books, itself is sufficient evidence to show that it stood explained - Assessing Officer has not been able to point out why any of the entries in such cash book resulting in such cash balance could not have been believed - Decided against Revenue.
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