The AO held\u00a0 that, assessee had deposited certain amount in his bank account. \u00a0Assessee explained that he had withdrawn said funds from his bank account four months ago and since a transaction relating to purchase of property did not materialise, he re-deposited funds in his bank account. \u00a0The AO rejected explanation and added amount deposited in bank account to his taxable income. \u00a0<\/p>\n
On appeal Tribunal held that, there was no instance, reference, argument or evidence to suggest that funds were not available with assessee. \u00a0There could be no blanket period which could be judicially considered to be a reasonable time for re-depositing funds in bank account. \u00a0Mere fact that there was a gap of about four months in re-depositing funds by itself would not lead to conclusion that explanation given by assessee was not acceptable. \u00a0\u00a0Accordingly the addition was deleted. \u00a0(AY. \u00a02009 \u2013 2010)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 68 : Cash credits-Bank deposits-Funds withdrawn from bank four months ago for purchase of a property but due to non-materialised of property transaction, money was re-deposited in bank account, addition cannot be as cash credits.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-8613","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2eV","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8613","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=8613"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8613\/revisions"}],"predecessor-version":[{"id":8614,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8613\/revisions\/8614"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=8613"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=8613"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=8613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}