Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (3) TMI 73 - ITAT MUMBAIUnexplained cash deposits u/s 68 - assessee deposited cash in his bank account on various dates - HELD THAT:- We find that the assessee deposited cash in his bank account on various dates. The assessee has placed on record 'Cash balance summary' alongwith cash book extract, average cash balance and bank statement. A perusal on these documents would adequately prove that the assessee is a man of means - AO found any deficiency in the cash book maintained and produced by the assessee. Merely on surmises and conjectures, assessing officer brushed aside the books of accounts produced by assessee. Therefore, in our opinion, the authorities below were not justified in making the addition. The documents on record that the assessee's late brother Shri Dilipkumar Amichand was a man of worth. Shri Dilipkumar Amichand redeemed his investment in Reliance Mutual Funds to the extent of ₹ 63,28,380/-. The assessee has, in the paper book produced copy of invoice issued in the name of M/s. Dilipkumar Amichand Kothari by Flax Investment Services Pvt. Ltd. for sale of gold bar (owned by Shri Dilipkumar Amichand). Further, from the order of Ld. CIT(A), it transpires that the Ld. CIT(A) had called for remand report from the assessing officer. But the assessing officer did not file any remand report. Therefore, it was not fair on the part of the Ld. CIT(A) to decide the issue against the assessee as all the material evidence that needed for his decision were filed before him and the assessing officer had an opportunity to put on his say on the matter. For these reasons, we do not see any merit in the findings recorded by the Ld. CIT(A). Therefore, we reverse the orders of authorities below on this issue and hereby delete the addition. Assessee appeal allowed.
|