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2014 (6) TMI 220 - AT - Income TaxAddition u/s 69 of the Act – Held that:- The assessee has explained the ostensible sources for all the deposits aggregating to Rs.29.70,000 made into bank account, the AO disbelieved the explanation of the assessee in its entirety, and added the entire amount u/s 69 of the Act - the assessee claimed that an amount of Rs.10,04,700 deposited into the bank account was made out of earlier withdrawals - this aspect has not been properly examined either by the CIT(A) or by the AO, so as to arrive at a definite conclusion that the sum withdrawn earlier would not have been available to the assessee to deposit the same back into bank account - The AO ought to have examined the withdrawals made by the assessee during the relevant period, the time gap between the withdrawal made and the deposit made, and in the process, the possible nexus between the withdrawal made earlier and the redeposit made by the assessee, instead of brushing aside the explanation of the assessee in that behalf, in a summary manner – thus, the matter is remitted back to the AO for examination of the source explained by the assessee with regard to the source for the deposits - Decided partly in favour of Assessee.
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