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| The Tax Publishers2020 TaxPub(DT) 3379 (Kol-Trib) INCOME TAX ACT, 1961
Section 68
Assessee's explanation stood supported by documentary evidence of books of account of ABNRL along with audited balance sheet, coupled with cash books and there was not an iota of doubt coming from AO's side disputing assesse's stand adopted throughout that cash deposit had, in fact, come from company's cash-in-hand for meeting day-to-day requirements at the site level. Accordingly, addition made by AO under section 68 was not justified.
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Income from undisclosed sources - Addition under section 68 - Cash deposits in bank account - Assessee's explanation supported by voluminous evidences remained undisputed
AO disputed cash deposit of Rs. 60 lakhs in bank account of assessee. Assessee's case was that he was Managing Director of M/s ANPL and cash deposit came from company's cash-in-hand for meting day-to-day requirements at the site level. AO not satisfied, made addition under section 68. Held: Assessee's explanation stood supported by documentary evidence of books of account of ABNRL along with audited balance sheet, coupled with cash books and there was not an iota of doubt coming from AO's side disputing assesse's stand adopted throughout that cash deposit had, in fact, come from company's cash-in-hand for meeting day-to-day requirements at the site level. Accordingly, addition made by AO under section 68 was not justified.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2012-13
IN THE ITAT, KOLKATA BENCH
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