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| The Tax Publishers2020 TaxPub(DT) 2968 (Kol-Trib) INCOME TAX ACT, 1961
Section 68
Where assessee withdrew cash from his bank accounts and since there was nothing to show that same were utilized by assessee somewhere else, same could be treated as available to assessee except to the extent that some of said withdrawals were required to be used by assessee for his personal and households expenses.
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Income from undisclosed sources - Addition under section 68 - Unexplained cash deposit - Part relief towards withdrawals required to be used by assessee for his personal and households expenses
On basis of information received by AO regarding cash deposits of Rs. 13,81,000 made by assessee in savings bank account, AO made addition on allegation that there was no cogent and tangible explanation offered by assessee as to why he withdrew cash from one of his bank accounts and deposited the same in another. AO was of view that no person would make cash withdrawal from his bank account merely for sake of accumulation and not for utilisation. Held: There were cash withdrawals made by assessee from his bank accounts and since there was nothing to show that same were utilized by assessee somewhere else, same, could be treated as available to assessee except to the extent that some of said withdrawals were required to be used by assessee for his personal and households expenses. Cash withdrawals made by assessee to extent of Rs. 7,75,000 were treated as available with assessee to explain cash deposits made by him. Addition of Rs. 15,13,000 made was confirmed.
REFERRED :
FAVOUR : Partly in assessee's favour.
A.Y. :
IN THE ITAT, KOLKATA BENCH
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