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Issues involved: Appeals against Commissioner of Income-tax (A) orders u/s 143(3) for assessment year 2006-07 regarding addition of deposits in bank accounts.
In the judgment by Appellate Tribunal ITAT CHANDIGARH, two separate assessees appealed against Commissioner of Income-tax (A) orders u/s 143(3) for assessment year 2006-07. The appeals raised identical issues regarding additions made on account of non-verifiable deposits in bank accounts. The first assessee explained the sources of cash deposits from withdrawals made from the bank account, providing evidence to support the explanation. The Tribunal found no merit in the authorities' decision to treat the deposits as unexplained income u/s 68 of the Income-tax Act, directing the deletion of the addition based on the furnished explanation and evidence. The second assessee's case mirrored the first, with cash withdrawals being the source of subsequent cash deposits. Following the same reasoning as in the first case, the Tribunal deleted the addition made in this case as well. Consequently, both appeals were allowed, and the additions were deleted. In summary, the judgment addressed the issue of additions made on account of non-verifiable deposits in bank accounts for two separate assessees appealing against Commissioner of Income-tax (A) orders u/s 143(3) for assessment year 2006-07. The Tribunal, after considering the explanations and evidence provided by the assessees regarding the sources of the cash deposits from bank withdrawals, found no merit in the additions and directed the Assessing Officer to delete the additions.
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