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2012 (2) TMI 31 - ITAT MUMBAIUnexplained credits – difference in bank balance as per books of accounts vs bank balance as per bank statement treated as unexplained credit – assessee submitted that difference is due to cheques received but not deposited in the bank on advice of cheque providers – Held that: Assessee did not at all get those cheques encashed received on the last day of the accounting year, also evidenced from Bank Statements. It was only a matter of passing entry, which was even reversed in later year. Confirmation from parties regarding issue of cheque & their advice for non-presentation in bank are available on record. Thus it fairly indicates that there is no inflow of any money with the assessee either in cash or through banking channel. Hence, there is no basis whatsoever for making any addition under these circumstances u/s.68 of the Act – Decided in favor of assessee. Similiar position is in relation to cheques issued by assessee and then advising party for non-presentatio. Aforesaid is held in this case also.
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