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2021 (7) TMI 1006 - AT - Income TaxUnexplained cash deposits in bank account - HELD THAT:- Firstly, in respect of availability of cash from the retail business, the assessee has shown a figure of ₹ 242,110 whereas the AO has computed an amount of ₹ 179,500/- in respect of which no specific contention has been raised before us and hence, the figure of ₹ 179,500/- as so computed by the AO needs to be considered as against figure of ₹ 242,110/-. In respect of drawings, the assessee has shown a figure of ₹ 119500/-, however, no basis has been specified as to how the assessee has determined the said figure where as the AO has returned a finding that given that assessee has salary and other business income, the household withdrawals can be considered as met out of salary income which has not been disputed by the assessee. Drawings towards household withdrawals are taken at ₹ 144,000/- instead of ₹ 119500/- taken by the assessee. Similarly, in respect of cash flow statement in support of opening cash balance, drawing a similar analogy regarding household withdrawals, the drawings towards household withdrawals are taken at ₹ 108,000/- instead of ₹ 48,000/- for A.Y 2008-09 and ₹ 144,000/- instead of ₹ 66,770/- for A.Y 2009-10 and considering the same, the opening cash balance would come to ₹ 323,635/- instead of ₹ 423,740/- considered by the assessee. Taking the same into consideration, we find that total cash receipts comes to ₹ 34,03,035 and total deposits comes to ₹ 35,90,250/- reflecting a shortfall of ₹ 187,215/- which remain unexplained. Hence, the addition to the extent of ₹ 187,215/- are sustained and remaining addition is hereby directed to be deleted. Appeal of the assessee is partly allowed.
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