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2020 (8) TMI 664 - AT - Income TaxUnexplained cash credits - bank deposits made by assessee - HELD THAT:- Explanation supported by the foregoing documentary evidence of books of account, audited balance-sheet, coupled with cash books maintained at both individual as well as the company’s level and sec. 143(3) assessment framed in latter case for the very assessment year have nowhere has been disputed in either of the lower proceedings. All this voluminous evidence; including the cash in issue from “M/s ANPL” crediencial to assessee’s explanation of source of deposits. There is not an iota of doubt coming from the lower authorities side disputing the assessee’s stand adopted throughout that the cash deposit had in fact, come from the company’s cash-in-hand for meeting the day-to-day requirements at the site level. Both the AO as well as CIT(A) have not gone by the “source” explained to examine identity, genuineness and creditworthiness thereof in light of all the evidence available on record but they have ventured on “application” aspect of the cash deposits only. Impugned addition in light of all the supportive evidence coming from the assessee’s side cannot be sustained - Decided in favour of assessee.
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