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2018 (7) TMI 1092 - AT - Income TaxUnexplained cash deposit in the bank account - Held that:- The cash in hand of the earlier year is available to assessee for making cash deposit in bank account in year under appeal. Similarly, the assessee has withdrawn ₹ 2,00,000/- on 5th March, 2005 from his bank account which is available to assessee to make re-deposit on 21st March, 2005 and 23rd March, 2005 in a sum of ₹ 1,00,000/- each. AO has not brought any evidence on record to prove that the amount withdrawn by the assessee from the bank account was utilized somewhere else for other purposes. Explanation of assessee should not have been rejected for availability of cash of ₹ 2,00,000/- for making re-deposit in the bank account. Thus, the assessee was having sufficient evidence to explain, it was having availability of the cash of ₹ 13,49,879/- which would explain the deposit of ₹ 14,00,000/- in the bank account of the assessee on different dates. Set aside the orders of authorities below and delete the addition of ₹ 13,49,879/- out of ₹ 14,00,000/-. Appeal of assessee is partly allowed.
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