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2022 (8) TMI 1033 - ITAT LUCKNOWAddition on account of deposits in bank - assessee was not able to explain the deposits of demonetized currency notes in his bank account - CIT-A deleted addition as cash deposits in the bank account were represented by the sales made by the assessee and the AO had accepted the claim of sales made by the assessee - HELD THAT:- From the findings recorded by CIT(A), we find that CIT(A) was convinced with the arguments of the assessee and therefore, he gave substantial amount of relief to the extent of Rs.40 lacs. However, he confirmed an addition by holding that there is some merit in the contention of AO as the assessee had disclosed abrupt jump in sales during the months of October and November. While confirming the part addition the CIT(A) has not given any specific explanation for confirming the part addition. Therefore, the confirmation of part addition is based only on surmises and is arbitrary in nature and therefore, is liable to be deleted. Assessee appeal allowed.
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