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2020 (6) TMI 235 - AT - Income TaxAddition on unexplained cash deposits by the assessee in Central Bank of India - HELD THAT:- Perusal of the remand report which is reproduced by the Ld.CIT(A) reveals that during the remand proceedings, Arjun Bhimrao, the father of the assessee stated that he owned agricultural land and had agricultural income of ₹ 4 to 5 lakhs per year. After considering the submission of assessee’s father Arjun Bhimrao, AO has noted that the total cash availability for two years was about ₹ 8 lakhs. To the extent of ₹ 8 lakhs, the cash deposits in Central Bank of India by the assessee stands explained. Therefore, direct the deletion of addition to the extent of ₹ 8 lakhs. Before me for the balance addition of ₹ 2,17,000/- since no explanation has been offered by Ld.A.R. nor has he pointed to any error / fallacy in the findings of lower authorities, uphold the addition to the extent of ₹ 2,17,000/-. - Decided in favour of assessee partly.
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