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2012 (10) TMI 677 - AT - Income TaxUnexplained cash credits - assessment ex parte u/s 144 - Held that:- The assessee having appeared personally before the AO did not explain the source of cash of Rs.11 lacs deposited in his savings bank account despite sufficient opportunity allowed by the AO nor submitted any explanation before the CIT(A) even after seeking adjournment. As the assessee is now prepared to explain the source of cash deposited in his bank account, in the interest of justice and fair play, we vacate the findings of the CIT(A) and restore the matter to the file of the AO with the directions to allow another opportunity to the asssessee to explain the source of aforesaid cash , subject to payment of cost of Rs.10,000/- to the Revenue - in favour of assessee for statistical purposes.
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