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Suspicion Cannot Replace Evidence -69A Addition Deleted
Case Law Details
- Case Name
- Tekchand Punjabi Vs ITO (ITAT Raipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Raipur
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Tekchand Punjabi Vs ITO (ITAT Raipur)
AO noticed cash deposits of ₹1,15,000 on 22.06.2015 & ₹4,00,000 on 25.06.2015 in Assessee’s SBI account. Assessee explained that ₹5,00,000 was withdrawn on 12.06.2015 via bearer cheque issued to employee Shri Prem Shankar Mishra, which was later re-deposited as not required. AO rejected the explanation, stating that such bearer cheque transaction had never been done earlier & termed it a colourable device, making addition of ₹4,00,000 u/s 69A.
Regarding ₹1,15,000 deposit, AO allowed opening cash of ₹93,126 & added the balanc...
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