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2012 (9) TMI 290 - AT - Income TaxAddition made on account of unexplained investment in Mutual funds and unexplained cash credits - assessee when confronted with the information received from AIR of investment in mutual funds filed revised Balance Sheet before the AO reflecting the above said investment - estimation of income without rejecting the books of account of the assessee - assessee claims to have filed the explanation before the AO which had not been accepted by latter - Held that:- From the perusal of the record we find that though the assessee had furnished various explanations before the AO and the CIT (Appeals), the same have not been considered in the proper perspective. The grievance of the Revenue is that even the CIT (Appeals) has accepted the contention of the assessee in violation of the provisions of Rule 46A of the Income Tax Rules. The plea of the assessee in this regard is that no fresh evidence was furnished before the CIT (Appeals). In view of aforesaid, we deem it fit to restore the matter back to the file of the AO to decide all the issues de-novo.
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