PALLEM NISAMTHI,VIJAYAWADA vs. ITO, WARD-2(2), VIJAYAWADA

ITA 359/VIZ/2017Status: DisposedITAT Visakhapatnam10 August 2018AY 2010-20115 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the cash deposit could not be considered the same as the earlier withdrawal due to lack of evidence and unexplained purpose. The subsequent large withdrawal also indicated the initial amount was likely utilized elsewhere.

What were the facts?

The assessee, engaged in share trading, deposited cash of Rs. 4,55,000 into her bank account. She claimed this was from a previous withdrawal of the same amount, but failed to provide corroborative evidence or explain the purpose of the withdrawal and redeposit.

What were the issues?

Whether the cash deposited in the bank account, claimed to be from a prior withdrawal, constitutes an unexplained cash credit without supporting evidence.

Which sections of the Income-tax Act were involved?

Section 148

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, VISAKHAPATNAM BENCH, VISAKHAPATNAM

Before: SHRI V. DURGA RAO, HON’BLE & SHRI D.S. SUNDER SINGH, HON’BLE

For Appellant: Shri C. Subrahmanyam, FCA
For Respondent: Shri K.C. Das, Sr.DR
Hearing: 20/07/2018

PER V. DURGA RAO, JUDICIAL MEMBER

This appeal by the assessee is directed against the order of Commissioner of Income Tax (Appeals), Visakhapatnam, dated 28/02/2017 for the Assessment Year 2010-11. 2. The only ground pressed by the assessee is with regard to withdrawal amount of Rs. 4,55,000/- from the bank account for the F.Y. 2009-10. 3. Facts of the case in brief are that assessee is an individual carrying on share trading business, no return of income has been (Pallem Nisamthi)

filed. The Assessing Officer issued notice under section 148 of the Act. In pursuance to that, assessee has filed a return of income by declaring loss of Rs. 7,19,730/-. In the assessment order, the Assessing Officer has noted th

The order continues below.

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