Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (5) TMI 1004 - AT - Income TaxAddition u/s 68 - unexplained deposits - Held that:- On careful reading of the cash flow statement and bank statement submitted by the assessee, we find that there are cash deposits in the bank of Dhanalakshmi, Nellore to the extent of ₹ 2 lakhs per month in AY 2012-13 and no regular deposits in AY 2009-10 and 2010-11. However, we also find that such deposits of ₹ 2 lakhs were made in each month regularly in the AY 2012-13. It clearly shows that assessee was in receipt of ₹ 2 lakhs of professional income in cash. It was not deposited regularly in AY 2009-10 and 2010-11. Therefore, the income of the assessee must be the official salary income, professional income of ₹ 24 lakhs per annum and relevant bank interest. Since assessee has disclosed the income based on bank deposits, which is not consistent with the source of income disclosed or found after search, we direct the AO to assess the income of the assessee only to the extent of above sources of income and wherever additional incomes based on the deposits are disclosed by the assessee should be eliminated as per the findings of CIT(A). Therefore, we are in agreement with the findings of the ld. CIT(A). The grounds raised by the assessee are partly allowed in all the three years under consideration.
|