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2024 (5) TMI 531 - ITAT BANGALOREAddition made u/s. 69A - unexplained cash deposits - Rejection of books of accounts - Time Gap between withdrawal and deposits in the banks account - whether assessee has duly discharged the onus cast upon him? - Main contention of ld. A.R. is that the assessee is having opening balance as on 31.3.2016 at Rs.19,71,244/- as disclosed to the department in ITR-4 filed for the assessment year 2016-17, thus this amount is available to the assessee to deposit it into these two bank accounts - HELD THAT:- The department has no contra evidence to deny the availability of said opening balance to deposit into assessee’s bank accounts. Similar issue came for consideration before this Tribunal in the case of Shri Narayana Shibaroor Shibaraya [2022 (11) TMI 1112 - ITAT BANGALORE] wherein as held that if the revenue wants to disbelieve the plea of the Assessee then it must show that the previous withdrawal of cash would not have been available with the Assessee on the date of deposit of cash in the bank account. The AO and CIT(A) have proceeded purely on assumption and surmises that cash withdrawn was not available to the Assessee on completely extraneous factors - Assessee has satisfactorily explained the source of funds out of which deposit of cash was made in the bank account. Decided in favour of assessee.
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