Search Results Page
Search Results
1 - 6 of 6 (0.23 seconds)Section 54 in The Income Tax Act, 1961 [Entire Act]
Section 54F in The Income Tax Act, 1961 [Entire Act]
Section 69 in The Income Tax Act, 1961 [Entire Act]
Section 48 in The Income Tax Act, 1961 [Entire Act]
Vaidyaratnam P.S. Varier vs The Commissioner Of Income-Tax on 24 September, 1940
"3.2 Adjudication of ground no.2(c); It is clear from above tables that appellant
had sufficient cash withdrawals prior to cash deposits. The law well settled that
assessee can show earlier cash receipts or withdrawals from bank account as
source of subsequent cash deposits unless the revenue is able to show that the
cash so available is used for some other purposes. In this case there is no
information that the cash withdrawn was consumed elsewhere. The Karnataka
High Court in the case of S.R. Ventakaratnam Vs CIT, Karnataka-I & Others
(127 (TR 807) has held that once the assessee discloses the source as having
come from the withdrawals made on a given date from a given bank, it was not
open to the revenue to examine as to what the Assessee did with that money
and cannot chose to disbelieve the plea of the Assessee merely on the surmise
that it would not be probable for the Assessee to keep the money unutilized. If
the revenue wants to disbelieve the plea of the Assessee then it must show that
the previous withdrawal of cash would not have been available with the
Assessee on the date of deposit of cash in the bank account, which was not
done in this case. The Delhi ITAT on identical issue in the case of Neeta Breja
(ITA No.524/Del/2017) held that assessing officer or the learned CIT (A) did not
show that above cash was not available in the hands of the assessee or have
been spent on any other purposes.
1