TMI Blog2023 (7) TMI 1205X X X X Extracts X X X X X X X X Extracts X X X X ..... rur Vysya Bank. Therefore we are of the considered view that the entire cash deposits cannot be treated as unexplained money of the assessee and thus, we direct the AO to allow relief to the tune of Rs. 8 lakhs, because the source for cash deposits to that extent may be loans received from friends and relatives of the assessee. For balance amount assessee could not file any evidence to prove source for cash deposits. Therefore, we direct the Assessing Officer to sustain additions to the extent u/s. 69A of the Act - Appeal filed by the assessee is partly allowed. - ITA No.: 629/Chny/2023 - - - Dated:- 26-7-2023 - Shri V. Durga Rao, Hon ble Judicial Member And Shri Manjunatha. G, Hon ble Accountant Member For the Appellant : Shri. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned was arbitrary and unjust on the facts of the case. 6. The NFAC, ought to have considered that the assessee is making out a living as a vegetable vendor and the explanation furnished was bonafide and thus deleted the addition. 7. The NFAC, in any view of the matter, ought to have considered the submissions of the assessee in a proper perspective and deleted the addition under sec.69A of the Act. 3. The brief facts of the case are that, the assessee is an individual, did not filed his return of income for the assessment year 2012-13 u/s. 139(1) of the Income-tax Act, 1961 (hereinafter referred to as the Act ). From the records available, it was found that the assessee had made substantial cash deposit into savings bank acc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bank account to commence a business, however due to certain reasons the business could not take off and thus, the assessee has withdrawn cash from the bank and repaid loans to his friends. In this regard, the assessee filed certain confirmation letters to prove the claim of loans from his friends as source for cash deposits. The ld. DR, submits that the assessee could not file any details including so called confirmation letters from the friends to prove the source for cash deposits is out of loans from friends. Therefore, he submits that additional evidences filed by the assessee should not be admitted. 5. Having heard both the parties and considered additional evidences filed by the assessee, including confirmation from certain individ ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
