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2018 (11) TMI 1316 - AT - Income TaxUnexplained cash credits - Withdrawal of amount from the bank account for the F.Y. 2009-10 - Held that:- The assessee has not filed any corroborative evidence and also not explained what is the purpose of withdrawal and why the same is deposited in the bank account on the same day in different amounts. Therefore, the AO has not believed the explanation of the assessee that the amount deposited on 06/11/2009 is the amount withdrawn on 19/11/2009. On appeal, ld. CIT(A) has observed that subsequent to the withdrawal of ₹ 4,55,000/- on 19/09/2009, the assessee has also withdrawn an amount of ₹ 40.00 lakhs on 07/07/2009. Therefore, the assessee has utilised the amount of ₹ 4,55,000/- and after utilising the above amount, again she withdrawn ₹ 40.00 lakhs therefore, the deposits made by the assessee again on 06/11/2009 cannot be considered the same amount as withdrawn on 19/09/2009 deposited. Before us, assessee is not explained what is the purpose of withdrawal and again deposited the same on 06/11/2009 in two differential amounts i.e. ₹ 3,88,000/- & ₹ 1,12,000/- - we are of the opinion that the amount deposited on 06/11/2009 cannot be considered the same amount she was withdrawn on 19/09/2009. - Decided against assessee.
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