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2016 (11) TMI 1300 - AT - Income TaxAddition on account of credits in the saving bank accounts - difference in denomination of notes - Held that:- In the present case, it is not in dispute that the assessee had withdrawn cash from the bank account and also re-deposited the similar amount in her bank account and since there was a gap in the withdrawal and the deposit in the bank account and even denominations of the notes were also different, however, nothing was brought on record to substantiate that the cash withdrawn by the assessee from her bank account was utilized elsewhere. Therefore, only on this basis that the denomination of notes was different the addition cannot be made particularly when the assessee proved the source of the deposit which was the withdrawal from her bank account. Thus the addition for the reason that the denomination of notes withdrawn and re-deposited was different, it cannot be a ground to make the impugned addition particularly when nothing is brought on record that the amount withdrawn by the assessee was utilized elsewhere and not redeposited in the bank account. - Decided in favour of assessee
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