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2022 (7) TMI 378 - ITAT INDOREUnexplained cash deposit - whether the assessee had sufficient sources to prove cash-deposits made in the bank accounts or not? - HELD THAT:- On perusal of various evidences placed by Ld. AR, we find that the assessee has received so much of recognition, awards and certificates from the Government or Governmental authorities in appreciation of agricultural activities done by him. We also observe that the assessee has submitted Bills/Vouchers and also submitted he had made sale of crops directly to ultimate consumers for which the evidences could not be maintained. We find much weightage in the submission of assessee. This submission of assessee finds direct support from Smt. Annakkalanjiam Mathivanan [2019 (3) TMI 259 - ITAT CHENNAI] - Therefore, the assessee's submission deserves credence and acceptance. Secondly, we also observe that the assessee has made a total cash-withdrawals from his bank accounts during the year from time to time and therefore moneys were available with the assessee for making cash-deposits. On perusal of the bank-statements placed in the paper-book, we observe that the cash-withdrawals and cash-deposits have been made on various dates during the year and the pattern is such that re-deposits out of cash-withdrawals is possible. Thirdly, we also find that the assessee is having agriculture as sole source of income and there is no other source of income brought on record by Ld. AO. Since agricultural income is fully exempt, the assessee does not have any taxable income and therefore the addition u/s. cannot be made - Appeal of assessee allowed.
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