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2022 (11) TMI 618 - AT - Income TaxAddition made towards cash deposits u/s.69A - HELD THAT:- The assessee explained before the AO that she had received a sum of Rs.13 lakhs from Smt.Vedhavathy for sale of property on 09.11.2016. AO accepted, the assessee has received consideration for sale of property from Smt.Vedhavathy and the purchaser has also filed a confirmation letter stating that she had paid consideration in cash. Once the AO is accepted the fact that the assessee has received consideration in cash, then the source for cash deposits during demonetization period should have been accepted out of sale consideration received for property. AO grossly erred in not accepting the source for balance cash deposits even though, the assessee has filed necessary evidences to prove the availability of source for cash deposits. CIT(A) without appreciating the fact simply confirmed the additions made by the AO. Hence, set aside the order of the Ld.CIT(A) and direct the AO to delete the addition made towards cash deposits u/s.69A - Appeal filed by the assessee is allowed.
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