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2016 (4) TMI 1415 - ITAT KOLKATAAddition u/s 69A - undisclosed credit balance of DDs - DDs purchased from disclosed CC A/c, but not reflected in financial statement or bank A/c though these DDs were in the hands of the assessee - whether DDs made by the assessee from his CC account amounts to unexplained money? - CIT-A deleted the addition - HELD THAT:- These DDs were made from the disclosed bank account of the assessee and were transferred to his saving bank account. It is also nowhere mentioned that this account of the assessee wasn’t disclosed in the return of income. We also observe from the finding of the AO that these DDs were made out of the CC account of the assessee. As per the provisions of Section 69A of the Act unexplained money can be brought to tax if it is not recorded in the books of accounts and assessee offers no explanation about the nature and source of acquisition of money. In the present case, the sources of the DDs have not been doubted. Accordingly, in our considered view that there is no infirmity in the order of the Ld CIT(A) and we uphold the same. Hence this ground of appeal of Revenue is dismissed. Undisclosed money in credit - HELD THAT:- We find that the sourc has not been doubted as it was withdrawn from the bank so the transaction of making the payment of ₹ 7.13 lakhs is out of the purview of Section 69A of the Act. As per the provisions of Section 69A of the Act unexplained money can be brought to tax if it is not recorded in the books of accounts and assessee offers no explanation about the nature and source of acquisition of money. In this case the source of the payment has not been doubted. Accordingly, in our considered view that there is no infirmity in the order of the Ld CIT(A) and we uphold the same. Hence this ground of appeal of Revenue is dismissed.
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