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2017 (3) TMI 1253 - PUNJAB AND HARYANA HIGH COURTUnexplained cash deposit - Held that:- Tribunal has upheld the finding recorded by CIT(A) with regard to cash deposit to the tune of ₹ 14,20,212/- as unexplained. It has been categorically recorded by the Tribunal that out of the 33 withdrawals, only two withdrawals of ₹ 2 lacs each from Bank of Rajasthan and ICICI Bank were made in cash. The rest were all withdrawals by cheque – small amounts made mostly by an employee of the assessee. Similarly, in many cases, small amounts were withdrawn two or three times on a single day by different persons. Further, the deposits in Bank were made after a gap of two-three instances of withdrawals. Taking the totality of facts and circumstances of the case, the Tribunal concurred with the findings recorded by the CIT(A) that the withdrawals were for the purpose of business and not available for redeposit. Further, the withdrawals were re-deposited after a gap of two or three months which was not probable. Thus, the assessee was not able to link the cash withdrawn from the bank with the cash deposit. Consequently, the finding of the CIT(A) with regard to treating the cash deposit of ₹ 14,20,212/- as unexplained income of the assessee was correctly upheld by the Tribunal. Thus, the appeal of the assessee dismissed.
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