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2019 (11) TMI 1370 - AT - Income TaxUnexplained cash deposits u/s 68 - receipts on sale of agricultural produce deposited into the bank account were withdrawn and also be deposited into the bank account - HELD THAT:- Assessee has been making cash deposits and also making corresponding cash withdrawals. Therefore, the contention of the assessee that the gross receipts from the agricultural operations were deposited, withdrawn and redeposited cannot be brushed aside in toto. The AO has relied upon the statement of the assessee recorded during the course of search, wherein he stated that he is also into various real estate business and cash deposits are from receipts of such business as well. Therefore, we are inclined to accept that some of the deposits to be from real estate business, while the others are from cash withdrawals made earlier. In view of the same, we are inclined to treat 50% of the deposits, which have been treated as ‘income from other sources’ as unexplained and the balance 50%, we are inclined to accept the same as part of the agricultural income (in addition to ₹ 30 lakhs already treated as agricultural income by the AO) as redeposited into the bank account. Assessee gets relief accordingly. Thus, only 50% of the addition made by the AO is sustained. - Decided partly in favour of assessee.
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