Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (11) TMI 779 - AT - Income TaxAddition u/s 69A r.w.s 115BBE - return of income was selected for scrutiny assessment for scrutiny of cash deposit during demonetization period - HELD THAT:- Cashbook clearly shows the opening balance as on 01.04.2016 which has been duly verified and accepted by the AO. Cash flow statement exhibited at page 4 of the Paper Book clearly explains the cash deposit in the impugned bank account. Exhibit 13 is the statement of affairs as on 31.03.2017. We fail to understand as to when availability of opening cash in hand amounting to Rs. 8,34,821/- has been verified and accepted by the AO, then, why the ld. CIT(A) estimated the same at Rs.1 lakh. Further, when cash withdrawals have been duly reflected in the cash book, vis a vis, bank statement for the FY under consideration, why the same was not accepted by the CIT(A) when no defect has been pointed out in cash books, cash flow statement and statement of affairs filed by the assessee? In our considered opinion, once cash flow statement is not controverted by the Assessing Officer as well as the ld. CIT[A], when it was specifically submitted that the same is based on the entries made in the cashbook, then the source of cash deposit in the bank account cannot be discarded by the authorities below. See case of Omni [2016 (8) TMI 962 - DELHI HIGH COURT] We do not find any merit in the addition sustained by the ld. CIT-A - Appeal of assessee allowed.
|