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2021 (6) TMI 289 - AT - Income TaxAddition u/s 69A - unexplained cash deposit - HELD THAT:- When huge cash is available in the hands of the assessee at the end of the financial year 2011-12 and 2012-13 and such cash balance was accepted by the learned AO, therefore, in the absence of any material available with the learned Assessing Officer, he cannot say that no cash was available with the assessee for the alleged deposits in the subsequent assessment years. There is proper and satisfactory explanation from the assessee in respect of the cash deposits and when the Revenue wants to bring such cash deposits to tax, the burden squarely rests with the Revenue and in the absence of any material in support of such a premise, we find it difficult to accept the reasoning of the learned Assessing Officer to make the addition and for that matter, the reasoning for confirming the addition by the Ld. CIT(A). CIT(A) when recorded that without borrowing or having opening cash balance, there is no way the cash deposits for the respective years can be explained through salary and by the assessee, missed the aspect of the assessee holding sufficient opening balance for the respective years. With this view of the matter we find it difficult to sustain the impugned orders. We, accordingly, while allowing these appeals direct the learned Assessing Officer to delete the additions made - Decided in favour of assessee.
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