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2021 (3) TMI 987 - AT - Income TaxCash deposits as unexplained investments u/s. 69A - HELD THAT:- No finding was given on such documentary evidence. No adverse evidence was acquired by the Assessing Officer except assuming and presuming the deposit in the bank account has unexplained cash credit. The assessee has admitted the ownership of the credit and that outgoes have gone to her son for his study in Australia. The lower authorities were of the view that the assessee has not explained the sources. Before us, the assessee has also filed the copies of ownership of land holdings of about fifty bigha of land. Considering the entire facts and circumstances of the case, we are of the view, it is a fit case for granting benefit of peak credit to the assessee, as no adverse material is brought on record except taking view that keeping of such cash at home is abnormal. Therefore, we deem it appropriate to restore the appeal to the file of assessing officer to consider the plea of assessee to grant her the benefit of peak credit and grant appropriate relief to the assessee. Ground No. 1 of the appeal is allowed for statistical purposes.
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