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2021 (5) TMI 959 - AT - Income TaxUnexplained income u/s 69A - undisclosed cash deposit in bank a/c - HELD THAT:- From the cumulative consideration of both the charts i.e. chart containing agriculture income disclosing the return of income and also the chart containing cash flow statement, we noticed that the department had given benefit of the current year’s agricultural income to the tune of ₹ 25,17,195/- - from the cash flow statement, it was reflected that during the year under consideration, total cash generation was ₹ 50,48,966/- and the opening cash balance for the year under consideration was ₹ 22,91,771/-, therefore, under such circumstances, the explanation put forth by the assessee that the cash deposited by the assessee was from the agricultural and other income as well as from the accumulative past savings of the preceding years appears to be reasonable. Department had also accepted the generation and availability of cash because of agricultural income for the year under consideration, therefore, there was no reason for ignoring the availability of cash with the assessee due to accumulative/past savings of the preceding years. Thus we direct to delete the addition sustained by the ld. CIT(A) qua this issue. - Decided in favour of assessee.
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