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| The Tax Publishers2020 TaxPub(DT) 2924 (Del-Trib) INCOME TAX ACT, 1961
Section 69
Where neither AO nor the first appellate authority had made any comment on the sufficient cash withdrawals made by husband of the assessee from Bank Account and there was nothing on record to suggest that these withdrawals were utilised by assessee or her husband for some other purposes, therefore, matter was remanded back to AO to examine the cash withdrawals statement after providing reasonable opportunity to assessee.
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Income from undisclosed sources - Addition under section 69 - Unexplained cash deposits in Bank Account - Remand of matter
As per AIR information in relation to deposit of cash in the Bank A/c of assessee, statutory notices were issued and served upon the assessee. Assessee stated that after the demise of her husband and while searching for some documents, the assessee found the cash stashed in the almirah. Assessee immediately deposited the cash in the bank account and utilised the same for repayment of loan taken from bank to avoid recovery proceedings filed by the bank. This explanation of assessee did not find any favour with AO who treated the cash deposit as undisclosed income of the assessee and made addition. Held: Neither AO nor the first appellate authority had made any comment on the sufficient cash withdrawals made by husband of the assessee from Bank Account. It was equally true that there was nothing on record to suggest that these withdrawals were utilised by the assessee or her husband for some other purposes. Therefore these documentary evidences need to be examined and accordingly, matter was remanded back to AO to examine the cash withdrawals statement vis-a-vis the bank statement after providing reasonable opportunity to the assessee.
REFERRED :
FAVOUR : Matter remanded
A.Y. : 2011-12
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