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2014 (12) TMI 1151 - ITAT HYDERABADUnexplained deposits in the bank accounts - CIT(A) deleted the addition - Held that:- On perusal of the order passed by ld. CIT(A), it appears that CIT(A) has accepted assessee’s claim merely on its face value without properly making any enquiry to find out whether assessee’s claim is correct. Further, CIT(A) is under misconception that AO has only considered the deposits without taking into account the withdrawals. As can be seen from the assessment order, AO has considered both the deposits and withdrawals and worked out the peak credit of ₹ 31,13,502 for the purpose of addition. In these circumstances, ld. CIT(A)’s finding is not sustainable. However, fact remains that AO has also not properly appreciated the facts and could not make effective enquiry due to constraint of time as assessment was getting time barred. Thus the entire issue relating to deposits into assessee’s bank account requires examination afresh in view of the claim made by assessee before the first appellate authority. - Decided in favour of revenue for statistical purposes.
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