Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (1) TMI 596 - ITAT HYDERABADAddition on account of unexplained initial cash balance – Held that:- The matter remitted back to the AO for fresh adjudication to examine the availability of cash from earlier assessment years. Addition made on account of low withdrawals – Held that:- The AO is directed to restrict the addition to 50% on account of low withdrawals - Both the Assessing Officer and the CIT(A) have tabulated the withdrawals made by the assessee and his family members - there is some difference in each of the tabulation - AT the same time, the assessee also could not bring any material on record to show that the withdrawals made by him and his family members are sufficient to meet the domestic expenses – Decided partly in favour of Assessee.
|