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2022 (3) TMI 145 - AT - Income TaxUnexplained cash deposit - assessee is a senior citizen and is a widow - HELD THAT:- The cumulative cash withdrawal upto 08.11.2016 is of ₹ 53,76,500/- and the corresponding cash deposits upto 08.11.2016 is of ₹ 10,61,000/-. This means that as on 08.11.2016, the assessee had cash in hand of ₹ 43,15,500/- from the cash withdrawals made during the period 01.04.2016 to 08.11.2016. This fact is well proved with the copies of bank statements filed by the assessee and the same remains uncontroverted by the ld. D/R. Under these given facts the Revenue hardly has any case because immediately prior to deposit of the alleged cash sum of ₹ 16,00,500/- the assessee had cash in hand of ₹ 43,15,500/- which is sufficient enough to explain the source of alleged cash deposit. We, therefore, find merit in the contention of the ld. Counsel for the assessee and fail to find any merit in the finding of the CIT(A) and thus, hold that the assessee has duly explained the alleged cash deposit of ₹ 16,00,500/- and therefore, no addition is called for u/s 68 - We accordingly delete the addition and allow the grounds raised by the assessee challenging the addition for unexplained cash deposit - Decided in favour of assessee.
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