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2017 (6) TMI 1043 - AT - Income TaxAddition made u/s 69A - assessee had made cash deposits in Axis Bank - Held that:- In the current year, the assessee had disclosed net agricultural income of ₹ 3,85,000/-. Even in the subsequent assessment year, a perusal of the return of income shows that the assessee had declared net agricultural income of ₹ 3,70,000/-. The payments made by M/s. A.N. Rubbers aggregating to ₹ 4,78,055/- match with the deposits made by the assessee in the Axis Bank. Since the assessee had disclosed net agricultural income of ₹ 3,85,000/- in the current AY which has not been disputed by the Assessing Officer, no hesitation to hold that the claim of the assessee that the deposits made on 09/04/2008, 18/10/2008, 06/11/2008, 09/12/2008 and 25/03/2009respectively has been properly explained. Hence delete the addition made amounting to ₹ 4,51,000/-. It is ordered accordingly. For the balance ₹ 10,05,000/- added u/s. 69A, it is claimed that the source of funds are deposits made out of withdrawals from the assessee’s OD account and the margin loan money received from District Industries Centre, Trivandrum. In the interest of justice and equity, one more opportunity needs to be granted to the assessee to explain the source of cash deposits with Axis Bank. Appeal of the assessee is partly allowed for statistical purposes.
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