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2013 (11) TMI 151 - AT - Income TaxReopening the case u/s 147/148 – Held that:- The investigation wing has information on record to show the assessee company was engaged in providing accommodation entries to its group companies - the company has introduced its own unaccounted money in its bank by way of accommodation entries – Decided against assessee. Addition on account of unaccounted cash deposit in bank – The assessee has maintained cash book recording deposit and withdrawals of cash and duly get it audited - Held that:- No specific reason was assigned by the authorities for non-reliance on the audited cash book maintained by the assessee-company - Assessee is not liable to explain the source of cash deposit – The issue was set aside for fresh adjudication. Addition on account of credits appearing in the bank account – The A.O. issued letter dated 8.12.2008 to the assessee to produce 10 parties for the transactions on 15.12.2008. The said notice was received only on 16.12.2008 in compliance to which the assessee appeared on 16.12.2008 - Held that:- The assessee was not given sufficient time to produce the parties in person from whom amounts have been received - Also the AO didn’t considered the documents and submissions made by the assessee - In view of natural justice –The issue was set aside for fresh adjudication.
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