Rekha Sanjeev Bhatt Vs ITO (ITAT Ahmedabad)
ITAT Ahmedabad held that addition towards cash deposit in bank account u/s. 69A as unexplained liable to be deleted since assessee satisfactorily explained the source. Accordingly, addition deleted.
Facts- The present appeal is preferred by assessee. The grievance of the assessee is against various additions made to her income on account of cash deposited in her bank account, as also investments made in immovable property, source of which allegedly remained to be satisfactorily explained by the assessee.
Conclusion- Held that the assessee, we have noted, also explained the relationship between the said company and herself by pointing out that her spouse is a director of the company, which was one director company. All these evidences have not been disputed by any of the authorities below. Thus, it is clearly evident that the assessee had explained the source of 50,000 USD and deposit of Rs.35,67,644/-, as being the withdrawals made from a company in SA i.e. “SPPL” in which her spouse was a director. Thus, we see no reason to confirm the order of the AO and the addition, therefore made of cash deposited in the bank account of the assessee of Rs. 35,67,644/-is accordingly directed to be deleted.
