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2023 (12) TMI 337 - AT - Income TaxAssessment u/s 153A - Unexplained cash deposit u/s 68 - Assessee argued additions are devoid of any reference to any incriminating material found at the time of search - HELD THAT:- As regards the nature and source of cash deposit in IDBI Bank account was explained that the cash deposit is out of old savings, income earned during the year and withdrawal from banks and partnership firm. Nothing has been brought on record to dismantle the explanation of the assessee by the Ld. AO/CIT(A). It is not the case of the Revenue that the IDBI bank account was not declared by the assessee. The addition in our view is not sustainable as it is not based any solid factual and/or legal footing. Regarding credit received by the assessee in her IDBI Bank account, search was carried out on locker No. 474 IDBI Bank Ltd., Rajouri Garden, New Delhi and undisputedly no incriminating material was found which is evident from the Panchnama - Addition based on incorrect appreciation of facts on record is not sustainable. We find ourselves in agreement with the contention of the assessee that if the Ld. AO wanted to make addition to the income of the assessee on the basis of material found in the case of other person he should have followed the mandatory procedure prescribed under section 153C of the Act which has not been done. The case of the assessee on facts is covered in favour of the assessee following decisions Kabul Chawla [2015 (9) TMI 80 - DELHI HIGH COURT], . Meeta Gutgutia [2017 (5) TMI 1224 - DELHI HIGH COURT] and Ms. Lata Jain [2016 (5) TMI 1273 - DELHI HIGH COURT]. Also ratio decidendi of Kabul Chawla’s case [2015 (9) TMI 80 - DELHI HIGH COURT] has been affirmed by the Hon’ble Supreme Court in PCIT vs. Abhisaar Buildwell P Ltd. [2023 (4) TMI 1056 - SUPREME COURT] We delete the additions sustained by the Ld. CIT(A) and decide ground in favour of the assessee.
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