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2022 (5) TMI 162 - ITAT DELHIAddition u/s 69A - unexplained cash deposits made on various dates into his bank account - assessee contended that assessee has sold agricultural land and received sale consideration by way of cash as well as through RTGS and later on in the month of December on 24.12.2008 assessee withdrew an amount of Rs.16,62,000/- intended to purchase land - HELD THAT:- On perusal of the bank statement it is noticed that the assessee has withdrawn Rs.16,62,000/- on 24.12.2008 and also deposited an amount of Rs.12 lakhs on 08.01.2009. Similarly, it is noticed that assessee has withdrawn Rs.30,75,000/- on 13.02.2009 and Rs.25 lakhs was deposited on 17.02.2009. The explanation of the assessee that the monies were withdrawn intending to purchase land but since no suitable land could be found the assessee re-deposited into bank account cannot be brushed aside especially when the assessee and his family who are all agriculturists and they have sold their lands vide sale deed dated 05.08.2008 which is evident from the assessment order itself. Further on perusal of the certificate issued by HDFC Bank withdrawn cash on those dates. Even without going into the additional evidence in the form of the letter for HDFC Bank furnished by the assessee it is abundantly clear from the bank statement furnished by the assessee that there were cash withdrawals and cash deposits into bank accounts. In the case on hand the time gap between cash withdrawals and the cash deposits is not more than 15 days, where the cash deposit of Rs.12 lakhs was made. In case of cash deposit of Rs.25 lakhs made by the assessee the time gap was only 3 days. Similar view has been taken by the Delhi Bench in the case of Moongipa Investment Limited Vs. ITO [2011 (8) TMI 1067 - ITAT DELHI] Explanation given by the assessee is a plausible explanation and the bank statement reflects both cash withdrawals and cash deposits within a gap of few days and, therefore, direct the Assessing Officer to delete the addition made u/s 69A - Decided in favour of assessee.
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