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2019 (2) TMI 1794 - AT - Income TaxUnexplained cash deposit and unproved expenditure on account of stamp duty, registration fee etc. - HELD THAT:- It is not in dispute that during the course of search, two cash vouchers dated 05.04.2010 in the name of Mr. Sachin Gandhi & Mrs. Meera Gandhi for payment of ₹ 10 lakhs each were found at the residential premises of the assessee, which were towards the purchase of land at Nashik. During the course of search, statement of assessee was recorded wherein the source of payment of ₹ 20 lakhs was stated to be withdrawal of the amount from his ICICI Bank account. We find that the contention of the assessee of having taken a demand draft from the Bank, getting it cancelled and withdrawing of cash from the bank is reflected in his bank account with ICICI Bank. In the statement of Shri Sachin C. Gandhi, had also accepted the payment of cash to be a stop gap arrangement and refundable on receipt of the agreed amount by way of cheque. Submissions of the assessee has not been found to be false on the basis of any corroborative evidences. Thus when the assessee in the statement recorded at the time of search had explained the source of withdrawal of cash from his bank account and subsequently, the depositing in his bank account coupled with the confirmations of Mr. and Mrs. Gandhi, we are of the view that assessee has fully explained the source of cash deposits. No additions on account of “unexplained cash deposit” and “unproved expenditure on account of stamp duty” can be made in the present case. We therefore direct its deletion. Grounds of the assessee are allowed.
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