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2015 (12) TMI 120 - AT - Income TaxUnexplained cash deposits in the Saving Bank Account with Centurion Bank of Punjab which was later merged with HDFC bank - Held that:- We do not find any force in the submissions of Ld. Counsel for the assessee. Even if it is assumed that certificate is correct and bearer of this property Shri Rajiv Kalra issued two bearer cheques No. 684557 and 684558, then how it is possible that assessee has been able to encash the cheque on 14.7.2007 itself. The sale deed is also executed on 14.9.2007 which must have taken sometime. Thereafter assessee got time to exchange the cheques. Assuming for argument sake that this is possible, still the problem is that on 14.9.2007 the assessee has deposited ₹ 4,05,000/- only. So, if the assessee has cash of ₹ 10 lakhs on 14.9.2007 i.e. ₹ 9 lakhs from encashment of two cheques and ₹ 1 lakh as cash payment, then why only ₹ 4.5 lakhs was deposited and then money has been deposited in various installments as stated above. No explanation was given for this discrepancy. Therefore, in our opinion, the assessee has not a been able to satisfactorily explain the deposits of cash and accordingly we confirm the order of CIT(A). - Decided in favour of assessee.
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