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2020 (4) TMI 464 - AT - Income TaxAddition u/s 69A - assessee has made cash deposit in a bank account - HELD THAT:- Though, there may be a delay of about 24–25 days between the cash withdrawal and cash deposit, however, the explanation of the assessee in this regard is acceptable. - Cash deposit made on 1st February 2014, in our view, stands explained. Generation of cash from agriculture activity - Held that:- in the impugned assessment year, the assessee has offered net agricultural income, which has been accepted by the Assessing Officer. Therefore, explanation of the assessee that he has past savings from agricultural income cannot be rejected totally. Assessee’s claim that the entire net agricultural income was available with him is also not acceptable considering the fact that the assessee must have utilized some amount out of such income for his domestic and other expenditure. Thus, out of the net agricultural income of the past years, the assessee could reasonably be accepted to have saved an amount of ₹ 9,00,000. Therefore, to that extent, cash deposit made in the bank account stands explained. Balance cash deposit of ₹ 19,80,000 assessee has relied upon the affidavit of the concerned persons and confirmation letters. As it appears, the aforesaid documentary evidences (affidavits, etc.) were not furnished before the Assessing Officer, but were furnished for the first time before learned Commissioner (Appeals). - CIT(A) has rejected these evidences by stating that they are in the nature of self–serving documents. - Since, the aforesaid verification has not been done by the Departmental Authorities, matter restored before the AO to that extent. Decided partly in favor of assessee.
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