Case Law Details
Col. Ranjan Sharma Vs ITO (ITAT Bangalore)
Assessee has withdrawn a sum of Rs.8,00,000/- from his bank account maintained with ICICI Bank on 05.06.2015. I notice that the assessee has withdrawn cash in small amounts in subsequent period also. Since the assessee is an aged person and retired from army, it is quite possible that the assessee had kept the money in cash with him in order to meet medical emergencies. The assessee is a pensioner and there is no other material to show that the cash of Rs.8,00,000/- withdrawn earlier had been spent away. Accordingly, in the facts and circumstances of the case, I am of the view that the explanation of the assessee that he has made the deposit of Rs.7,01,000/- out of the cash withdrawal made earlier is quite plausible. Accordingly in my view the sources for making deposits stand explained in this case.
Accordingly I set aside the order passed by the learned CIT(A) and direct the AO to delete the addition of Rs.7,01,000/-.
FULL TEXT OF THE ORDER OF ITAT BANGALORE
The assessee has filed this appeal challenging the order dated 27.12.2021 passed by the learned CIT(A), National Faceless Appeal Centre (NFAC), Delhi and it relates to AY 2017-18.
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