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2018 (4) TMI 1364 - AT - Income TaxCash deposits from undisclosed source - proof of withdrawal of cash - Held that:- By filing the bank statement, the contention of the assessee is that it has withdrawn cash of ₹ 14,43,149/- in the financial year 2012-13 and has made cash deposit of ₹ 5,00,000/- during the said year and hence, it had cash balance of ₹ 9,43,149/- at his disposal as at the beginning of the financial year 2013-14, which was utilised for deposit of cash in this year in the bank. We find that this contention of the assessee needs to be verified by the Assessing Officer before adjudicating the issue. We restore back the issue of deposit of ₹ 9,00,000/- out of opening cash balance of the assessee to the file of the Assessing Officer for adjudication afresh. As regards deposit of ₹ 1,70,000/- claimed to be out withdrawals of ₹ 2,87,360/- made during the year, it is observed that the said withdrawals are prior to the deposit of ₹ 1,70,000/- made by the assessee in the bank on 9.5.2013. The revenue could not bring any material on record to show that the assessee could not have utilised these withdrawals made at the earlier point of time that the deposit made in the bank account of ₹ 1,70,000/- on 9.5.2013. Hence, we set aside the orders of the lower authorities on this issue and vacate the disallowance of ₹ 1,70,000/- made by the Assessing Officer - Decided partly in favour of assessee for statistical purposes.
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