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2022 (11) TMI 819 - AT - Income TaxCash deposit made in the bank account - assessee could not explain the source of cash deposits, AO added the entire amount to the income of the assessee by invoking the provision of section 69 - HELD THAT:- After verifying the documentary evidences including letter of confirmation of M/s. Sheela Credit & Leasing Ltd. the Bench had given a categorical finding that assessee’s claim that it has repaid an amount of Rs. 8,40,000/- out of the total advance of Rs. 15,00,000/- received from M/s. Sheella Credit & Leasing Ltd. towards sale of the property was found to be correct. Irrespective of the fact whether the assessee had enough documentary evidences to prove the ownership of the property, fact remains that assessee’s claim that he has received advance of Rs. 15,00,000/- from M/s. Sheela Credit & Leasing Ltd. on the basis of agreement to sell is established on record through proper documentary evidence. Therefore, the source of cash deposited in the bank account stands explained. Accordingly, delete the addition sustained by Commissioner (Appeals). Appeal of the assessee is allowed.
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