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2020 (5) TMI 592 - ITAT BANGALOREUnexplained deposit in assessee’s bank account - proof of spending earlier withdrawals made by the assessee - HELD THAT:- Department has no material to show that the earlier withdrawals made by the assessee has been spent for any specific purposes and not the said amount available with the assessee to redeposit into the bank account. There is also no evidence that the assessee has made withdrawals on various dates for any other purposes than the admission of assessee’s son in a medical college. It cannot be said that the withdrawals have not been utilized to redeposit with the bank account. Therefore, it has to be presumed that the assessee has withdrawn the cash and the same remained to be unutilized for one reason or the other, and the cash remained with the assessee. In such circumstances, due credit has to be given for such withdrawal of cash by the assessee. See SHRI MATHEW PHILIP [2019 (11) TMI 1404 - ITAT COCHIN] wherein held cash deposits made by the assessee on various dates should be reasonably presumed that it is from earlier withdrawals made by the assessee on various dates. - Decided in favour of assessee.
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