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2015 (10) TMI 1895 - AT - Income TaxUnexplained cash deposits in the bank account - CIT(A) deleted 1the addition u/s 68 - Held that:- CIT(A) while deleting the addition to the extent of deposits from business has noted that considering the nature of business of Assessee, the receipts of sale proceeds by assessee in cash and the same being deposited in the bank account to be a plausible explanation. Ld. CIT(A) has also noted that Assessee had issued cheques against the cash deposits and cheques were prima faciely issued to the suppliers. With respect to the explanation of the source of deposits of ₹ 2,48,135/- being from agricultural income was also accepted by ld. CIT(A) in view of the fact that Assessee had declared agricultural income of ₹ 2,48,000/- in the return of income and the same was also accepted by the A.O. The explanation of the balance portion of cash deposits of ₹ 1,03,365/- to be out of accumulated savings was also accepted by ld. CIT(A) in view of the fact that Assessee was regularly assessed to tax. Considering the totality of the facts and in view of any contrary material placed on record by Revenue and further as to how the decision relied upon by ld. CIT(A) would not be applicable to the present case, we find no reason to interfere with the order of ld. CIT(A) and thus the ground of Revenue is dismissed. - Decided in favour of assessee.
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