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2022 (12) TMI 581 - ITAT AMRITSARUnexplained income/Debtors - violation for receiving SBN [Specified Bank Note] - assessee explained that the cash was received from Sundry Creditors the amount was received in SBN - assessee submitted the confirmation of AD Traders, bank account as proof of deposited amount during demonetization - HELD THAT:- Considering the order of the revenue authorities the assessee was not able to submit the confirmation from the sundry debtor, M/s AD Traders. The assessee received SBN during demonetization period on dated 10.11.2016. The amount was deposited in the bank account. The amount was received before the appointed day i.e.,dated 31.12.2016. So, the assessee shall not in a violation for receiving SBN as per the Act. In Income tax Act the source was unexplained before the revenue authorities as the evidence was not able to submit before any of the lower authorities by the assessee - we direct to set aside the matter before the ld.AO for necessary verification denovo. Both the revenue and the counsel of the assessee had not made any objection for remanding back the issue before the ld. AO. AO shall provide proper and adequate opportunity of being heard to the assessee in set aside proceedings. Appeal of the assessee allowed for statistical purposes.
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