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2018 (1) TMI 1035 - AT - Income TaxUnexplained cash deposits - proof of actual withdrawal and actual deposits - Held that:- Assessing Officer just disbelieved the cash deposits and cash withdrawal on the basis of surmises and conjectures. Nowhere he doubted the actual withdrawal and actual deposits. He merely held that is an unusual phenomenon to make withdrawal from the bank and deposit into the bank. Learned CIT(A) has recorded complete and detailed findings and after obtaining remand report from the Assessing Officer has allowed relief to the assessee correctly. On perusal of the computation of income filed by the appellant it is seen that besides income from generator maintenance, the appellant was enjoying income from rental of property which was also, in turn, duly supported by agreements and, therefore, any apprehension with reference to having any undisclosed income in the hands of the appellant was misplaced and misconceived and was only on account of wishful thinking of the assessing officer. There is no material or any other evidence on record to show and suggest that the cash might have been utilized by the appellant for any other purposes and merely on surmises and conjectures and suspicion the evidence which has been submitted by the appellant cannot be rejected. - Decided against revenue
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