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2024 (1) TMI 797 - ITAT DELHIAddition of cash deposit unexplained - assessee stated that the entire cash deposits were made out of cash balance available with him - HELD THAT:- Assessee had made deposit in HDFC Bank out of cash balance available on various dates. We find from the said imprest account maintained in the books of Yash Impex, there is no negative cash balance of single date. Hence, we hold that the entire cash deposit made by the assessee in the bank account is properly explained with proper source. We also find that the assessee had given date wise details of cash deposits together with the respective source before the lower authorities. These facts are not properly appreciated by the lower authorities while adjudicating the issue in dispute. We also find from the audited balance sheet of Yash Impex as on 31.03.2012, on the asset side, a sum was shown under the head current asset as Surendra Kumar Gupta imprest. All these facts collectively could prove indeed have sufficient cash balance which explained the cash deposit made in the bank account. Hence, there is absolutely no case for making any addition on account of cash deposits in the hands of the assessee. Hence, we direct the ld AO to delete the addition made in the sum on account of cash deposit. Decided in favour of assessee.
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