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2021 (2) TMI 470 - ITAT BANGALOREAddition u/s 68 - No source of cash deposits in his savings bank account with Canara Bank - HELD THAT:- The assessee has filed a letter in which the complete details of cash withdrawals and deposits from various banks were furnished. The assessee has also submitted the details of proprietary concern M/s. Voltron Power Systems, where turnover for the concerned assessment year was about ₹ 1,45,00,000, which was deposited in different bank accounts and periodical withdrawals were partly used for deposit in the saving bank account maintained by the assessee with Canara Bank. The assessee has also filed the above details before the CIT(A), but the same was neither examined nor considered. Consequently, the assessee had filed application u/s 154 but CIT(A) rejected the application u/s 154 on the ground that the detailed written submissions were filed on 23.01.2018, and therefore, not considered in the appellate order, which was passed on 17.01.2018. Admittedly, the assessee’s books of account are audited and copies of the books of account audited are placed in the paper book filed by the assessee. In the interest of justice and equity, we are of the view that the matter needs to be examined de novo by the A.O - thus addition is restored to the files of the A.O - Decided in favour of assessee for statistical purposes.
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