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2020 (5) TMI 509 - AT - Income TaxUnexplained investment - Money paid for purchase of residential property out of own funds - incriminating material of accepting on-money from different parties - Assessee submission out of his past savings over the years, and his wife and other family member - HELD THAT:- Since no satisfactory explanation has been offered by the assessee about the nature and source of payment of cash, the value of the investment is deemed to be the income of the assessment of the relevant F.Y. and accordingly, the same was added to the hands of the assessee Details given by the appellant of the withdrawal of amount of the last 2 years clearly suggests that the appellant has even withdrawn ₹ 5,000/- for his personal need. If this cash of ₹ 5 lakhs was lying in his house, why he will withdraw such petty amount from the bank. The transactions given by the appellant clearly shows that he has good banking habit and no prudent person will keep cash of ₹ 5 lakhs in his house for any emergency in the present scenario where the money can be withdrawn from the ATM and the payments also can be made through cheque, debit card, credit card, internet etc. Further, this is also relevant that the almost entire withdrawal of the last 2 years have been claimed by the appellant as his savings then what happened for his household expenses and from where these have been met Hence, clearly these submissions are an afterthought and given by the appellant when the clinching evidence of his payment in cash of ₹ 5 lakhs was recovered by the Department during the course of search and seizure proceedings form Cosmo Group. Apparently the withdrawals from the bank account is made for meeting the expenses and not for keeping the money at house. Hence, the explanation of the appellant that cash of ₹ 5 lakhs is deposited out of savings is not supported by any documentary evidence and against the preponderance of probability and deserves to be rejected. - Decided against assessee.
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