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2022 (8) TMI 1215 - AT - Income TaxRevision u/s 263 by CIT - Unexplained deposits and withdrawals in bank account - HELD THAT:- As every month, there is atleast one deposit and in some months, there are few deposits and few withdrawals. Thus, the argument of the assessee accepted by the AO that these were normal deposits and withdrawals for the stated business activity of the assessee gains strength. Hence, it is not a case where the assessee is seen to have made a lumpsum deposit. Such an action may have been open to the interpretation that there was no business activity in the unorganized sector. Frequent deposits and withdrawals from the bank are available. Hence, in the absence of any evidence of any nefarious illegal activity referred to on record, the inference that the stated claim was incorrectly accepted, cannot be so concluded. It is seen that in the festive month of July, there are 5 deposits on 5 different dates and 2 withdrawals of Rs.2,87,000/- and Rs.85,000/- on two specific different dates. Similarly in the festive month of Sept and October, it is seen that there are 15 specific instances of deposit and withdrawal. These facts available on record support the claim that the assessee was engaged in some small scale business trading activity. As observed, we find that no contrary fact or evidence has been referred by the ld. PCIT to show that the claim was incorrectly accepted by the AO. The assessee is stated to be currently engaged as a farm labourer and is stated to have overtly engaged in the business to gain financial legitimacy. The efforts in the unorganized sector even if sporadic in order to gain a credible financial legitimacy should be encouraged and not allowed to be stunted by the administrative brunt. The enterprise and efforts of a farm labourer to have a footprint in financial sector by engaging in trade in cloth etc, from house to house/village mart on a cart should be given due consideration. There is a rising India which inhabits the unorganized sector having aspirations to rise on their own steam and courage. On a perusal of the facts on record and the impugned order we find that no fact or evidence has been referred to by the ld. PCIT to show that the assessee was engaged in any nefarious activity from which the amounts were deposited and withdrawn. There is no fact referred to show that the AO has committed an error in accepting the claim of the assessee. Accordingly in the facts as they stand we find no infirmity in the AO having accepted the claim of the assessee. Appeal of assessee allowed.
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