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2022 (4) TMI 591 - ITAT DELHIAddition u/s 69C - unexplained payment of Customs Duty - As per CIT since the cash deposits in the bank account are much more than the cash sales the payment of Customs Duty in cash remained unexplained and accordingly, the addition made by the AO was sustained - HELD THAT:- CIT(Appeals) misunderstood the facts and it is the finding that the assessee made Customs Duty in cash which is contrary to the record. The documents placed before us in the form of bank book, the loan confirmation, the bank statement of the lender clearly show that the assessee has taken loan of ₹ 13 lakhs on 04.04.2016, assessee also deposited cash sales into the bank account from 04.04.2016 to 08.04.2016 amounting to ₹ 14 lakhs and finally the Customs Duty of ₹ 25,03,813/- was made on 08.04.2016 by way of Demand Draft (DD). All these facts goes to show that the assessee has never paid Customs Duty in cash but it was paid by way of Demand Draft after obtaining loan of ₹ 13 lakhs and the balance is from out of cash sales made from 04.04.2016 to 08.04.2016. Thus no hesitation to delete the addition made by the Assessing Officer in respect of Customs Duty paid by the assessee which was treated as unexplained expenditure u/s 69C - Grounds raised by the assessee are allowed.
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