2018 (5) TMI 258

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....ing Counsel and Mr. Deepak Anand, Jr. Standing Counsel for Revenue.  S. RAVINDRA BHAT, J. 1. This is an assessee's appeal under Section 260A of the Income Tax Act, 1961 ("the Act") complaining that the Income Tax Appellate Tribunal's order (ITAT's order) is perverse and unreasonable. 2. The assessee filed his return of income declaring total income of Rs.6,92,424/- consisting of sala....

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....shed the cash flow statement giving the date wise deposit and withdrawal in the banks accounts and evidences in support thereof. The AO did not accept this explanation and added the aggregate of the credit side of the cash deposit of Rs.37,87,690/- under Section 68 of the Act as unexplained credit. The assessment accordingly was completed on an income of Rs.42,79,260/- (as against returned income ....

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....eposits were fully explained and throughout the year the assessee had positive cash balance before the deposit in the bank account. Every entry in the cash flow statement submitted by the assessee was supported by bank statements submitted by him. The assessee had an opening cash in hand of Rs.2,15,454/-. The assessee had withdrawn the total sum of Rs.25,75,311/- cash during the year. As against t....

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....c. Besides the affidavit, he has also provided various documents explaining the financial worth of the family in the form of balance sheet of the company where the family has the controlling and exclusive interest. However, ignoring these contentions and without appreciating the assessee's evidence, the ITAT upheld the order of CIT(A). Since it failed to take cognizance of the evidence and materia....