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2015 (10) TMI 302 - AT - Income TaxUnexplained cash credit u/s 68 - proceedings u/s. 144 - CIT(A) deleted part addition - Held that:- Out of the amount of ₹ 34,52,500 being the cash deposits into bank account, the assessee was able to establish the sources for ₹ 33,58,000 only. The assessee had explained that the cash receipts towards the contract amounts from the contractor for the year was only ₹ 33,58,000 and hence balance of ₹ 94,500 was left unexplained. The CIT(A) has rightly held that the amount of ₹ 33,58,000 which have been explained as cash receipts towards contract payment is to be deleted. We find no infirmity in the order of the CIT(A) on this count. Retention of addition of ₹ 94,500 made by the AO, the CIT(A) has rightly held that u/s. 68 addition can only be made when the assessee fails to explain the cash credit in the books of account maintained by the assessee and in this case the assessee has failed to explain the cash credit for an amount of ₹ 94,500. Hence, the same has been confirmed by the CIT(A) and we see no reason to hold a different view.
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