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2014 (1) TMI 334 - AT - Income TaxUnexplained cash credit - Held that:- The assessee has furnished the date-wise cash balance and each and every deposit in the bank account is shown to be out of the cash balance with the assessee - The opening cash balance as per the cash account is Rs. 9,13,080/- and the closing cash balance of the year is Rs. 12,50,983 - The same is duly reflected in the balance sheet ended on 31st March, 2007 and 31st March, 2008 respectively - When in the electronic filing of the return there is no provision for filing of the balance sheet, then non-furnishing of the balance sheet cannot lead to the presumption that there was no cash in hand with the assessee - The assessee is a professional whose returned income is more than Rs. 18 lakhs - The inference of the Assessing Officer that the amount withdrawn by the assessee from the bank has been utilized for household expenditure or other expenses is without any basis - The total withdrawal by the assessee is more than Rs. 44 lakhs and in the absence of any material to presume that such huge cash withdrawal has been spent by the assessee would be incorrect - Some of the withdrawals are of huge amount, say, Rs. 7,00,000/-, 10,50,000/- (Rs. 4,90,000 + Rs. 5,60,000) - To presume such huge withdrawal was spent by the assessee in the absence of any evidence of its utilization would be a wrong presumption – The Tribunal is of the opinion that the entire cash deposit in the bank is duly explained by the assessee – Decided against Revenue.
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