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2019 (11) TMI 1752 - AT - Income TaxAddition u/s 69 - cash deposited in Yes Bank on various dates un-justified and un-sustainable - HELD THAT:- In the present case it is not disputed that the amount of cash was explained as available with the assessee in the hands to deposit in the bank. Assessee has substantiated the availability of the cash by producing the cash flow statement, day-to-day cash book, Ledger account of the Bank with narration and the complete bank statement. Same were disbelieved by the learned assessing officer for the only reason that there is an inordinate delay in deposit of the cash in the bank account. AO and CIT- A did not show that above cash was not available in the hands of the assessee or have been spent on any other purposes. The coordinate bench in ACIT vs Baldev Raj Charla [2008 (12) TMI 241 - ITAT DELHI-C] also held that merely because there was a time gap between withdrawal of cash and cash deposits explanation of the assessee could not be rejected and addition on account of cash deposit could not be made particularly when there was no finding recorded by the assessing officer or the Commissioner that apart from depositing this cash into bank as explained by the assessee, there was any other purposes it is used by the assessee of these amounts. Ground of the appeal of the assessee is allowed and orders of lower authorities are reversed. Appeal of assessee allowed.
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