Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (3) TMI 797 - AT - Income TaxDisallowance of cash deposit in the bank - assessee failed to furnish the necessary details to the AO at the time of assessment with regard to the source of cash - Held that:- As at the time of appellate stage we find that sufficient information with regard to the source of cash deposited with the bank was explained by the assessee However, we also find that the AO in the remand report has clearly stated the jeweler to whom the assessee has sold her jewelleries was not traceable. Similarly, the parties who have given loan to the assessee failed to appear before the AO. But in our view sufficient details were furnished by the assessee with regard to the jeweler as it was registered with the Sales Tax Department and no verification with the sales tax department was carried out. But the lower authorities had not brought anything on record that the jeweler was not in existence at the relevant time when the jewellery was sold. Similarly, in our view considered view that the additions cannot be sustained in the hands of the assessee just the parties failed to appear before the AO. - Decided in favour of assessee
|