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2017 (6) TMI 175 - AT - Income TaxIncome from undisclosed sources under the head ‘income from other sources’ - Held that:- There is uncontroverted finding that the assessee furnished the cash summary and the assessee withdrew ₹ 1,85,82,000/- from the said bank up to the end of Financial Year relevant to Assessment Year 2008-09 and the amount of ₹ 10 lakh from M/s Trance Ocean Agencies, where the assessee is a partner. The cash was withdrawn at regular interval as the assessee was to purchase agricultural land. The Ld. Commissioner of Income Tax (Appeal) has also considered the observation made in the assessment order and the submissions made by the assessee and thereafter deleted the addition of ₹ 99,32,000/- in respect of bank Account No.23110165033 in the Standard Chartered Bank. This account was jointly maintained with his brother Shri Snehal J. Mehta, thus, considering the totality of facts and the circumstances mentioned in the impugned order and also narrated before us, we find no infirmity in the conclusion drawn by the Ld. Commissioner of Income Tax (Appeal). Cash deposited in the Standard Chartered Bank - addition on account of alleged undisclosed interest income - Held that:- We deem it appropriate to examine the factual matrix whether the assessee, during the relevant period, in fact, withdrew the amounts and if it was withdrawn whether it was used for any other purposes. This aspect has not been examined by the Department. The assessee is directed to examine the factual matrix and after providing due opportunity of being heard decide afresh in accordance with law.
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