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2019 (3) TMI 280 - ITAT INDOREAddition u/s 69A - search & seizure operation - Not able to reconcile with books of accounts - In statement recorded u/s 132(4) submitted that the amount kept in the locker was past savings of the assessee and his wife for the purpose of performing his daughter’s marriage - CIT held that person would go, operate the locker and keep - cash there from time to time, whereas depositing cash in the bank or making a FDR is a better and easier option HELD THAT:- CIT(A) simply rejected the explanation given by the assessee without giving any proper reasons. When the assessee has filed returns of income, same are accepted. His wife has also filed returns of income and the same are also accepted and the assessee has submitted that out of savings the amounts are kept in the locker. Assessee has fully explained the sources and he has discharged the burden casted upon him. The A.O. without giving any basis, rejected the explanation of the assessee. In our opinion, the A.O. is not correct. CIT(A) is concerned, he is of the opinion that instead of keeping money in the locker, it is better to deposit in the bank so that the assessee may earn the interest. In our opinion, the assessee is the person who has to decide himself whether to keep the money in the locker or deposit in the bank. In this case, the assessee has decided to keep money in the locker to perform his daughter’s marriage and explained the sources. We find that the order passed by Ld. CIT(A) has to be reversed. - Decided in favour of assessee.
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