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2019 (4) TMI 1470 - AT - Income TaxUnexplained cash deposit in the bank account u/s 68 - source from where these amounts were deposited in the bank - Whether it is probable that out of these withdrawals some amounts remained with the assessee, which can be re-deposited after two-three months? - HELD THAT:- On certain occasions, the assessee has withdrawn substantial cash viz. on 29.3.2007 he has withdrawn ₹ 1,05,000/-; similarly on 20.3.2007 he has withdrawn ₹ 25,000/-, and again on 21.3.2007 he withdrew an amount of ₹ 25,000/-. Thus, out of this withdrawal, some amount must be available with the assessee, which can be used for re-deposits. He has also withdrawn ₹ 62,000/- on 18.4.2007. To our mind, it is probable when the assessee does not belong to an organized sector of business. His total deposits in a year not exceeded more than ₹ 20,0000/-. Therefore, considering total withdrawals at different intervals tabulated in details, we are of the view that at least some credit be given to the assessee out of the major withdrawals. He could able to save something from them for re-depositing. Considering all the aspects, we delete ₹ 5,00,000/- (Rupees Five Lakhs only) on an estimate basis out of total addition made by the AO and confirmed by the ld.CIT(A). - Decided partly in favour of assessee.
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