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2016 (1) TMI 489 - ITAT AHMEDABADAddition u/s 68 - cash credit - Held that:- Assessee claimed that sum of amount has been received from her son and daughter - the assessee has produced prima facie evidence about the source of amount - The AO, except disbelieving the version of the assessee, failed to bring any evidence contrary to the one submitted by the assessee. Thus, the addition to this extent, source proved, would be deleted. The assessee has explained the sources. There is a rotation of the amounts. Some of the amounts deposited by the assessee duly tallied with the amounts available in the cash book on that date. In other words, the assessee has withdrawn sufficient amounts from the bank account, which was entered into in the cash book, and after withdrawing the amount from the bank, the amount was again re-deposited. The claim of the assessee is that her personal cash book has been ignored and the same amount has been accounted twice in the bank account. The ld.AO has not given any plausible reasoning for rejecting this explanation. From the perusal of the bank statement, it is discernible that some of the cash was withdrawn and re-deposited within very short period. Therefore, in our opinion, the alleged surplus cash accumulated in the cash book out of the withdrawals from the bank is to be considered as source of re-deposit. - Decided in favour of assessee in part.
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