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2023 (2) TMI 626 - ITAT KOLKATAAddition u/s 68 - assessee has not produced documentary evidences in support of cash deposits made into the bank account during the demonetisation period - HELD THAT:- When the ld. AO has accepted the said cash book and part of cash deposited in the bank account out of the cash available in the cash book maintained by the assessee and books of account have not been rejected, then in such circumstances fail to find any justification at the end of the revenue authorities of not accepting the source of alleged cash sum, which is out of the cash in hand available with the assessee. It is also worth noting that even on 30-11-2016 and 31- 12-2016 cash in hand available with the assessee is at Rs. 29,15,918/- and Rs.31.81,449/- respectively. Therefore, under the given facts and circumstances, since the assessee has successfully/satisfactorily explained the source of sum of Rs. 10 lakhs, we fail to find any justification in the addition being made u/s. 68 - therefore we reverse the findings of the ld. CIT(A) and delete the addition made u/s. 68 - Decided in favour of assessee.
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