Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (7) TMI 136 - AT - Income TaxAddition being the deposit in the bank account unexplained - Held that:- As per the cash flow statement, the available cash balance from withdrawals made in from 20th to 28th August 2008 and the net withdrawals from Axis Bank in the month of September 2008 amounted to ₹ 14,00,000/ which were deposited to the extent of ₹ 9,24,760/- from 13/10/2008 to 21/10/2008. Thus, cash was retained for a period of one month which cannot be said to be an unreasonable period . Further, withdrawal in cash from Axis bank on 10/11/2008 of ₹ 7 lakhs was deposited to the extent of ₹ 2,30,000/- on 17.01.2009. Again, the holding period is approximately 2 months which cannot be said to be unreasonably long. Moreover we find that it is not the case of the Revenue that the assessee utilized the cash in any other manner. The Hon’ble Punjab and Haryana High Court in the case of Shiv Charan Dass vs.CIT, Punjab (1980 (4) TMI 74 - PUNJAB AND HARYANA High Court) has held that where the explanation of the assessee was reasonable and there was nothing on record to show that the amount was utilized by the assessee in any other manner than the one which was represented by the assessee, the onus lay on the department to show that the explanation of the assessee should not be accepted. We hold that the deposits stand explained and addition on account of the same, therefore, be deleted.- Decided in favour of assessee.
|