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2015 (8) TMI 971 - AT - Income TaxUnexplained deposits in the bank account - CIT(A) deleted addition - Held that:- In the present case it is noticed that the AO in his remand report had stated that the withdrawals and deposits were verifiable from the bank statements of the assessee. He had not made any adverse comments to the submissions of the assessee and the ld. CIT(A) after verifying from the various bank accounts came to the conclusion that the explanation given by the assessee during the appeal proceedings that the cash deposits were sourced out of withdrawals made from the bank account was correct. The said findings of the ld. CIT(A) has not been rebutted by bringing any adverse material on record. Therefore, we do not see any valid ground to interfere with the findings of the ld. CIT(A), accordingly, do not see any merit on this issue of the departmental appeal. - Decided in favour of assessee. Unexplained sources of the investment for the purchase of NSC - CIT(A) deleted addition - Held that:- CIT(A) rightly deleted the impugned addition because the amount received on maturity of the old NSC was deposited in the bank and the investment was also made by withdrawing the same from the bank account. In the present case, the ld. CIT(A) after verification from the bank accounts found merit in the submissions of the assessee and deleted the impugned addition. We, therefore, do not see any infirmity in the order of the ld. CIT(A) on this issue.- Decided in favour of assessee.
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