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2022 (12) TMI 842 - AT - Income TaxAddition treating cash deposit in bank accounts as income from undisclosed sources u/s 68 - assessee was selected for limited scrutiny through CASS for verification of cash deposits during demonetization period - whether addition has been made on surmises and conjectures without there being any direct material on record? - HELD THAT:- Undisputedly, the assessee had withdrawn the amount of Rs. 13,59,000/- and out of this the assessee has stated that a sum of Rs. 3,09,000/- was utilized for domestic needs and rest of the amount was deposited in the bank account. As find that the authorities below have not given any cogent reason for not accepting the explanation offered by the assessee. In the absence of any evidence by the assessing authority that the amount which was available in the form of withdrawals from bank was utilized by the assessee for any other purpose, the addition cannot be sustained. Therefore, hereby direct the Assessing Officer to delete the addition. Grounds raised by the assessee are allowed.
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