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2022 (11) TMI 909 - ITAT HYDERABADUnexplained Cash Credits - Addition u/s 68 - HELD THAT:- In the instant case, although the amounts have been received through banking channel, however the assessee did not produce the above three persons before the AO during the course of assessment proceedings, which is one of the reasons for making the addition by the AO apart from not proving the creditworthiness to his satisfaction. It is the submission of the ld.counsel for the assessee that given an opportunity the assessee is in a position to produce the above three persons before the AO for his examination and prove their creditworthiness. We deem it proper to restore the issue to the file of the AO with a direction to grant one more opportunity to the assessee to substantiate his case by producing three parties for his examination and file necessary evidence to prove their creditworthiness. The AO shall decide the issue as per fact and law after giving due opportunity of being heard to the assessee. We hold and direct accordingly. The ground raised by the assessee is accordingly allowed for statistical purposes. STCG on sale of land - agreed price as per document found at the time of search - assessee denied to have received any money over and above what has been mentioned in the sale deed - HELD THAT:- We deem it proper to restore the issue to the file of the AO with a direction to give an opportunity to the assessee to substantiate his case by producing Mr.C.Veerabhadra Reddy for his examination. Further, the assessee is also directed to produce necessary evidence to show that the proposed plan was drifted away from the land in question for which the price has come down. The AO shall decide the issue as per fact and law after giving due opportunity of being heard to the assessee. We hold and direct accordingly. This ground raised by the assessee is accordingly allowed for statistical purposes.
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