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2021 (9) TMI 459 - AT - Income TaxUnexplained money u/s 69A - No source of cash deposit in bank given - whether the sum was duly recorded in the books of accounts or not ? - HELD THAT:- In the instant case, the assessee explained that the entire sum representing the deposits was duly accounted in the books of accounts and the books of accounts were produced before the AO, but no defect was found by the AO - source of the deposit of ₹ 74,90,000/- duly explained by the assessee as sales and accounted in the books of accounts. AO made the addition u/s 69A. As per section 69A, it is deemed to be income of the assessee as unexplained money when the AO found money, bullion, jewellery or other valuable article and the assessee offers no explanation to the satisfaction of the AO. In the instant case, the source of cash deposited by the assessee in the bank account was duly explained by the assessee and the same was duly accounted in the books of accounts. Thus, there is no case for making addition u/s 69A In the instant case there is no doubt that the assessee has recorded the sales in the books of accounts and the deposits were made out of the cash balances available in the cash book. The assessee produced the books of accounts and no defects were found by the AO. Therefore the case of Karthik constructions [2018 (3) TMI 39 - ITAT MUMBAI] squarely applies to the case of the assessee and hence appeal of the revenue is dismissed.
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