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2018 (4) TMI 1548 - AT - Income TaxUnaccounted cash payment - addition u/s 69C - Held that:- Deposits of various dates in the bank accounts of Senior Builder Ltd. also tally with the paper retrieved from the hard disk of the assessee. The bank account of Senior Builder Ltd. maintained with Bank of Baroda also is a disclosed account and not a concealed account. We agree with the finding given by the ld. CIT(A) that it would be difficult to say that the amounts duly transacted through banking channels by Senior Builder Ltd could be unexplained. Despite receiving detailed reply including reconciliation of the payments made by the assessee group and despite having the copies of bank account of Senior Builder matching with the entries on page no.5, the Assessing Officer never cross-checked the same with Vijay Dixit group. The interest calculated by the Assessing Officer at the rate of 3.3334% per month has also no basis. The various factual findings given by CIT(A) could not be controverted by the DR. AO has accepted the cheque payments and pay orders mentioned on the papers retrieved from the hard disk but has conveniently ignored the explanation of the assessee regarding the cash payment although the cash payments were reflected in the bank account of Senior Builder Ltd. When Senior Builders Ltd. is an assessee and the bank account is not an undisclosed one, therefore, all those cash deposits made in the bank account could not have been from the assessee. - Decided in favour of assessee
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