Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2014 (1) TMI 1769 - ITAT KOLKATA

2014 (1) TMI 1769 - ITAT KOLKATA - TMI - Unexplained cash deposits - Held that:- A cursory glance of the Bank statements provided by assessee clearly show that withdrawals made by the assessee were substantially in cash. There were very few entries of withdrawals other than through cash. When cash withdrawals and cash deposits were available, in our opinion Assessing Officer ought have considered the withdrawals as a source for explaining the deposits. - Assessee had all along stated that t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

so, ld. CIT(Appeals) also considered the peak credits already considered in the preceding assessment year 2005-06. In fact, Revenue has not been able to point out whether any appeal has been filed before this Tribunal against the order of ld. CIT(Appeals) for assessment year 2005-06. - Decided against revenue - ITA Nos. 459 & 460/Kol/2011 - Dated:- 8-1-2014 - Shri Mahavir Singh (Judicial Member) And Shri Abraham P. George (Accountant Member). Shri Niranjan Satpati, JCIT, Sr. D.R., for the Depart .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ess of trading of readymade garments, had f i led his returns for the impugned assessment years declaring income of ₹ 2,03,433/- and ₹ 2,11,800/- respectively. Assessee had maintained a Savings Bank Account bearing number 01741000083428 with HDFC Bank, Shyambazar Branch and an Account bearing No. 236010100039358 with Axis Bank Ltd. at B.T. Road, Kolkata. As per Assessing Officer there were cash deposits of ₹ 20,53,200/- and ₹ 11,22,500/- in the HDFC Bank Account during th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

T(Appeals) for both the years. Argument of the assessee was that the deposits and withdrawals in the bank accounts, related to his garment business. As per the assessee sale proceeds were deposited in the Bank Account. Cash withdrawals were also made therefrom for the purpose of the business. Ld. CIT(Appeals) sought for a remand report based on the documents fi led by the assessee. Assessing Officer in the remand report stated that assessee failed to file any evidence for explaining the source o .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

in the Bank account could not be treated as undisclosed income but only peak credit was liable for addition. Ld. CIT(Appeals) after verifying the Bank statement found that the peak credit in the Bank accounts for previous year relevant to assessment year 2006-07 came to ₹ 8,80,536/- and for assessment year 2007-08 came to only ₹ 12,18,564/-. Since the peak credit of ₹ 2,76,472/- in these accounts were already brought to tax in assessment year 2005-06, ld. CIT(Appeals) held that .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version