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2020 (7) TMI 626 - AT - Income TaxUnexplained cash deposits found in his bank accounts - HELD THAT:- There were cash withdrawals made by the assessee from his bank accounts during the year under consideration and since there was nothing to show that the said cash withdrawals were utilised by the assessee somewhere else, the same, can be treated as available to the assessee except to the extent that some of the said withdrawals were required to be used by the assessee for his personal and households expenses. Some of the payments made by the assessee by cheques as reflected in his bank accounts were towards the personal and households expenses and if the same are taken into consideration along with the other facts of the case including the quantum of salary income of the assessee, consider it fair and proper to treat the cash withdrawals made by the assessee from his bank accounts as utilised for personal and households expenses to the extent of ₹ 3,00,000/- i.e. ₹ 25,000/- p.m. It thus follows that the cash withdrawals made by the assessee during the year under consideration from his bank accounts to the extent of ₹ 7,75,000/- can reasonably be treated as available with the assessee to explain the cash deposits made by him in the bank accounts during the year under consideration.Sustain the addition of ₹ 15,13,000/- made by the AO and confirmed by the Ld. CIT(A) on account of unexplained cash deposits found to be made by the assessee in his bank accounts to the extent of ₹ 7,38,000/- and allow partly the assessee’s appeal. Appeal of the assessee is partly allowed.
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