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Issues involved: Appeal against deletion of addition of unexplained money by the ld. CIT(A).
Summary: The Revenue appealed against the deletion of an addition of Rs.24,44,772 made by the AO on account of unexplained money. The AO found that the assessee had deposited cash of Rs.29,26,000 in a bank account, leading to the addition. The assessee explained that the cash was withdrawn for business purposes and redeposited. The AO rejected this explanation and added the entire deposit as unexplained investment u/s 69 of the Act. The ld. CIT(A) observed that while the deposits were unexplained, the entire amount could not be added back, relying on precedents. The CIT(A) directed the AO to consider only the peak balance as unexplained investment, leading to the deletion of Rs.24,44,772. The Revenue appealed against this decision. The Tribunal upheld the CIT(A)'s decision, noting that the AO had failed to show any error in the CIT(A)'s order. The Tribunal found no reason to interfere with the CIT(A)'s decision, confirming the deletion of the balance amount of Rs.24,44,772. The appeal of the Revenue was dismissed.
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