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2022 (7) TMI 728 - AT - Income TaxUnexplained cash deposits - A.O. had information that there was cash deposit during the year in 16 bank accounts of the assessee - CIT-A deleted the addition - HELD THAT:- The issue of cash deposits in the bank account of the assessee has been examined exhaustively at various levels and no merit has been found in the contention of the Revenue that it represented any undisclosed income of the assessee, noting the fact that the assessee was into business of Shroff and earned only commission on the monetary transactions carried out by it; the cash deposits representing money belonging to his customers. Even the AO in reassessment proceedings for the impugned year was convinced that the cash deposits in another bank account of the assessee related to the assessee money lending business. Therefore there is no reason to uphold the original assessment order of the same AO holding them to be unexplained when subsequently he was convinced that the assessee being in money lending business the cash deposits related to the same. We see no reason to interfere in the order of the Ld. CIT(A) deleting the addition made of cash deposits. - Decided against revenue.
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