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Addition towards unexplained cash deposit unsustainable as creditworthiness and genuineness proved
Case Law Details
- Case Name
- JCIT (OSD) Vs Siva Prasad Nidamarthy (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Hyderabad
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JCIT (OSD) Vs Siva Prasad Nidamarthy (ITAT Hyderabad)
ITAT Hyderabad held that addition towards unexplained cash deposit unsustainable as onus of establishing the creditworthiness and genuineness of the transaction duly proved by the assessee.
Facts- During the course of assessment proceedings, AO found a sum of Rs.6,39,42,000/- stood deposited in SBH, Sanathnagar and Kukatpally Branches. According to AO, assessee explained such deposits only to the extent of Rs. 5,38,89,000/- leaving a balance of Rs. 1,00,53,000/- unexplained and, therefore, added the same to the income of the assessee.
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