Case Law Details
Shri Naresh Kumar Vs ITO (ITAT Delhi)
Assessee has explained source of the cash deposit in the bank account. Copies of the bills of sale of agricultural produce are filed in the paper book, which supports the explanation of assessee that assessee received cash of Rs.14,65,480/- out of sale of agriculture produce. The Ld. CIT(A) partly accepted the agricultural income which supports the explanation of assessee that assessee had source from agricultural income. The Ld. CIT(A) also partly accepted the explanation of assessee for sale of property, but, assessee explained that the share of property of assessee’s brother is also available to him being the amount getting in joint family. All these documents in the paper book have not been disputed by the authorities below. Learned Counsel for the Assessee further submitted that apart from it, assessee has salary income, which have not been taken into consideration. These facts clearly show that assessee has source to make deposit in the bank account. The explanation of assessee is thus accepted and entire addition is deleted.
FULL TEXT OF THE ITAT JUDGEMENT
This appeal by assessee has been directed against the order of Ld. CIT(A)-I, Noida, Dated 28th November, 2016 for the assessment year 2009-2010, challenging the addition of Rs.11,51,525/- under section 68 of the Income Tax Act, 1961.
2. Briefly the facts of the case are that assessing officer collected information that the assessee had between 17th April 2008 to 6th August 2008 had deposited Rs.20,73,400/- in his bank accounts. The assessment was reopened and material was confronted to the assessee. The assessee has not given any satisfactory explanation. Therefore, assessing officer, made addition of Rs.20,73,400/- as unaccounted income and added under section 68 of the Income Tax Act, 1961.
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