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| The Tax Publishers2022 TaxPub(DT) 4272 (Mum-Trib) INCOME TAX ACT, 1961
Section 69
As per cash book and bank book furnished by assessee had sufficient cash balance and withdrawals and deposits were made from the same. Thus, assessee discharged his onus of proving the source of deposits made in his bank account and, therefore, addition made by AO was not justified.
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Income from undisclosed sources - Addition under section 69 - Cash deposits into bank account alleged as unexplained -
Assessee deposited cash aggregating to Rs.88,88,000 during the year. He submitted a copy of cash book and bank book evidencing cash withdrawals and depositions to prove that cash depositions were made from cash withdrawals only. AO held that the explanation was not satisfactory and accordingly made addition on account of unexplained cash deposits.Held: As per cash book and bank book furnished by assessee had sufficient cash balance and withdrawals and deposits were made from the same. Thus, assessee discharged his onus of proving the source of deposits made in his bank account and, therefore, addition made by AO was not justified.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2014-15
INCOME TAX ACT, 1961
Section 68
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