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2018 (1) TMI 335 - AT - Income TaxUnexplained cash credit u/s 68 - Held that:- The claim of the assessee of having received an advance of ₹ 8,00,000/- against property from M/s. Tysom Agencies Pvt. Ltd. was duly supported by a letter issued by the said party confirming the payment of advance to the assessee. Similarly the claim of the assessee of having withdrawn cash from his other bank accounts maintained with Bank of Maharashtra and Axis Bank was also supported by the copies of relevant bank statements filed by the assessee. It is observed that the Ld. CIT(A) however did not accept this explanation of the assessee which was duly supported by the relevant documentary evidence on the basis of certain infirmities and discrepancies pointed out by him. Assessee has prepared and furnished a tabular chart before the Tribunal offering the explanation of the assessee in respect of each and every objection raised by the Ld. CIT(A) and a perusal of the same shows that the explanation offered by the assessee is sufficient to meet all the objections raised by the Ld. CIT(A) while rejecting the explanation offered by the assessee as regards the source of cash deposits made in his bank account with Axis Bank. Keeping in view the entire material placed on record before the Tribunal, find that the source of cash deposits found to be made in his bank account with Axis Bank aggregating to ₹ 12,12,000/- is property explained by the assessee on evidence and there is no justification on the part of the authorities below to treat the same as unexplained cash credit under section 68 - Decided in favour of assessee.
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