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2018 (12) TMI 1646 - AT - Income TaxUnexplained cash found deposited in the bank account - addition u/s 69 - HELD THAT:- Undisputedly, the addition in the present case relates to cash found deposited in the bank of the assessee which is equivalent to an investment made by the assessee and, therefore, there is no error of law having occurred by making the impugned addition u/s 69 which deals with unexplained investments. In view of the above Ground No. 1 raised by the assessee is dismissed No explanation to cash deposits - Cash withdrawal which was attributed to having been retained by the assessee and deposited in the impugned year, was 8-9 months old and though the assessee had claimed that the same was kept by her in the form of cash in hand, it was noted that despite such huge amount of cash available with her she had taken loans thereafter and even made further withdrawals from the bank of substantial amounts. No explanation for the above has been given by the assessee even before us. We therefore agree with the Ld. CIT(A) that the explanation of the assessee does not appear to be plausible. As rightly held by the CIT(A), merely making cash withdrawals at one point of time cannot be a sole basis for explaining the cash deposit in future. It is the totality of all the facts and circumstances which is to be considered and thereafter a plausible view to be taken on the issue, which in the present case, we find, that the assessee has been unable to offer to justify the cash deposits.- Decided against assessee
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