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2016 (3) TMI 171 - AT - Income TaxUndisclosed cash deposited to the bank - income from undisclosed sources - Held that:- We find merit in the contention of assessee that there is no dispute that the amount which was withdrawn by the assessee on various dates during the year 2006 was available with him for making deposits. In the absence of finding that the amount which was previously withdrawn by the assessee had been utilised for any other purpose merely on the basis of conjecture that the amount might have been utilised for any other purpose and was not available with the assessee for making the deposits, we are unable to accept the reasoning of the authorities below. In our considered view, when the assessee has demonstrated that he had withdrawn cash from the bank and there is no finding by the authorities below that this cash available with the assessee was invested or utilised for any other purpose, in that event, it is not open to the authority to make the addition on the basis that the assessee failed to explain the source of deposits. Moreover, the authorities below have not disputed the fact that the assessee had withdrawn an amount of ₹ 9,10,000 before the deposits made on various dates during the financial year 2007-08. Therefore, the orders of the authorities below are set aside and the Assessing Officer is directed to delete the addition - Decided in favour of assessee
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