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2014 (10) TMI 975 - ITAT PANAJIAddition u/s 69A - Cash in hand - peak credit for cash deposit - Held that:- No alternative except to accept the opening balance of the cash in hand of ₹ 24,49,500/- as on 1.4.2005. If the opening balance of ₹ 24,49,500/- stands accepted as no appeal has been filed by the Revenue for A.Y 2005-06, in our opinion, no interference is required in the order of CIT(A) as this amount will be sufficient to off set the cash deposit of ₹ 16,90,000/- as mentioned by the AO. We accordingly sustain the order of CIT(A) allowing relief to the Assessee to the extent of ₹ 16,51,112/-. Thus, ground taken by the Revenue stands dismissed. The AO is free, if he so desires, to take the action under the Wealth Tax Act as the closing balance of cash in hand as per the cash flow statement as on 30.3.2006 comes to ₹ 27,94,699/-. - Decided against revenue
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