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2023 (11) TMI 699 - ITAT SURATUnexplained cash credit/deposits u/s 68 - negative cash balance shown by assessee - assessee`s case was selected for limited scrutiny under CASS on reason that there is large cash deposit during the year - HELD THAT:- As assessee furnished the bank statement and the cash details before the Assessing Officer - certain cheques were dishonoured and there are some contra-entries in the bank statement, which were not considered by the Assessing Officer, for example in the bank statement of State Bank of India, there is a cash deposits to the tune of Rs. 1,01,500/- on 08.04.2016, such cash deposit has been reversed by the bank on 11.04.2016. Such contra-entries getting reflected in the bank statement of State Bank of India. Similarly other cheques deposited to the tune of Rs. 1,01,090/- has not been examined by the Assessing Officer, which is getting reflected on the bank statement. Besides, there is typographical error to the extent Rs. 60,000/-. Considering the above reconciliation, we find that assessee has explained the difference of Rs. 3,99,365/-, and just because the assessee made a wrong statement during the assessment proceedings, stating that the difference belongs to the gift received from his wife, does not mean that the assessee should be punished, particularly when the assessee has direct evidences to explain the difference. Thus addition should not have been made in the hands of the assessee. Hence, this ground of the assessee is allowed.
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