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2015 (10) TMI 1465 - AT - Income TaxUnexplained cash credit under section 68 - Held that:- there is no material brought out by the Revenue to doubt the bonafides of explanation furnished by the assessee with regard to the build-up of cash in hand and the deposits in the bank account as and when assessee required certain cheques to be cleared in the bank. Moreover, factually speaking, whenever the impugned deposits were made by the assessee, there was a positive balance of cash in hand. There does not appear to be any negative balance in the cash flow statement. Considering the entirety of circumstances and the explanation furnished by the assessee, whose bonafides are not doubted, we deem it fit and proper to hold that the impugned cash deposits in the bank account cannot be construed as unexplained within the meaning of section 68 of the Act. Accordingly, we set aside the order of CIT(A) and direct the Assessing Officer to delete the addition - Decided in favour of assessee.
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