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2018 (3) TMI 41 - AT - Income TaxAddition on shortfall / deficit in cash deposits with the firm - Held that:- The assessee had declared a sum of ₹ 3,14,950 by way of cash under the VDIS pertaining to assessment years 1993-94 to 1996-97. In the absence of the year-wise bifurcation of the declaration under the VDIS, it is not possible to give entire credit of ₹ 3,14,950 to the deficit cash deposit worked out by the Assessing Officer. There had been cash withdrawals by the assessee from the firm on various dates totaling to ₹ 4,00,000. Though the narration for such withdrawals is given as building construction, the entire amount withdrawn on the same day would not have been utilized for the purpose of building construction. The cash withdrawals are on dates which are more or less near to the dates of cash deposits made by the assessee in the firm M/s.Muthoot M.George Financiers. Therefore, taking into account the declaration of VDIS and cash withdrawals by the assessee from the firm, the assessee should be granted credit for a sum of ₹ 2,00,000. - Decided in favour of assessee partly.
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