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2022 (11) TMI 653 - AT - Income TaxUndisclosed income - Addition towards cash deposited in bank account during demonetization period - As submitted assessee has regularly earned salary substantially to cover cash deposit - HELD THAT:- Admittedly, it is noted that assessee has earned salary income of Rs.4,00,000/- during the year and filed the return of income with total income - Deposit of cash has been claimed to be out of current year’s salary income and past savings of the assessee. After hearing the rival contentions, we are of the considered view that assessee had duly explained the source of deposit i.e her previous years savings and we safely presume that this amount is the accumulation out of past savings and current year’s income. Accordingly, we direct the Ld. AO to delete the addition made. The ground of appeal is allowed.
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