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2014 (12) TMI 557 - ITAT AGRAGross receipts is to cover up undisclosed deposits or not - Commission from transport - Admission of new evidence – admitting and entertaining new evidence of P&L account - Held that:- CIT(A) correctly found that the assessee is owner of two tankers - Copies of registration certificates are filed in the paper book and the assessee is earning income by way of running of vehicles on commission basis - CIT(A) on looking to the nature of entries of cash deposits and withdrawals found in the bank account of the assessee maintained with ICICI bank held that the entire amount of deposit made in the bank account cannot be said to be unexplained because after deposit of the cash amounts, there are withdrawals - Since the assessee is in the business of transportation, the explanation of the assessee could not be refused that such deposits have been made out of transport business income - CIT(A) in the absence of any material on record taken the gross receipts which are more than the deposits made in the bank account - CIT(A) taken the gross receipts more than declared by the assessee in the return of income and even the AO has admitted in the assessment order that there are deposits as well as withdrawals in the bank account of the assessee - in the absence of any other source of income, the CIT(A) was justified in holding that the entire amount of deposit in the bank account could not be treated as unexplained - The cash deposit was correctly found to be explained out of receipts of the assessee from transport business - CIT(A) considered the bank account of the assessee and the registration certificates and computation of income filed with the return of income for the purpose of passing the appellate order - there is nothing illegality in his order in reducing the addition – Decided against revenue.
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