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| The Tax Publishers2020 TaxPub(DT) 0886 (Del-Trib) INCOME TAX ACT, 1961
Section 68
Where assessee had submitted to AO that part amount was the sale proceeds of stock balance and balance was deposited out of the cash balance available with him and assessee had also filed the balance sheet with AO, which he had filed along with the return of income for preceding assessment year, therefore, there was no reason for sustaining this addition under section 68.
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Income from undisclosed source - Addition under section 68 - Addition on basis of the crediting of cash in the bank account -
AO during the scrutiny found that there was cash deposit in the bank account of the assessee during the year. Assessee submitted that through an Ikrarnama he had received cash as Bayana from a buyer on the deal of agricultural land. AO found that no source of withdrawals was submitted by assessee. Under these circumstances, not being satisfied with the submission of assessee, AO treated the amount of cash deposit as gathered from undisclosed sources and added the same to the total income of assessee under section 68. Held: Assessee had submitted to AO that part amount was the sale proceeds of stock balance and balance was deposited out of cash balance available with him. In this regard, assessee had also filed the balance sheet with AO, which he had filed along with the return of income for preceding assessment year. Thus, explanation of assessee regarding this deposit of cash was correct and there was no reason for sustaining this addition.
REFERRED :
FAVOUR : In assessee's favour
A.Y. : 2010-11
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