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2015 (10) TMI 315 - AT - Income TaxUnexplained cash deposits found to be made in the bank account - CIT(A) deleted the addition - Held that:- In the submissions made before the Ld. CIT(A), a reference was made by the assessee only to his bank account with Development Credit Bank Ltd. The Ld. Counsel for the assessee therefore was directed by us to file copy of the bank account of the assessee maintained with Development Credit Bank Ltd., in order to establish the nexus between the amounts stated to be received by the assessee in cash from the students and the demand drafts drawn in favour of various foreign universities. He however has filed a letter stating that there is no bank account maintained by the assessee with Development Credit Bank Ltd. A perusal of the copy of certificate issued by Development Credit Bank Ltd., placed at page No.20 of the paper book however shows that the said certificate is issued at the request of the account holder i.e., assessee. Thus the matter has to go back to the A.O. for verifying the trail of Mr. Venugopal Reddy, Hyderabad. funds stated to be received from different students by the assessee in cash and drawing of demand drafts by the assessee on behalf of the said students. Even the explanation of the assessee as regards the cash deposits of ₹ 14,62,719 having been made from the contract receipts of his business requires verification by the A.O. We therefore, set aside the impugned order of the Ld. CIT(A) and restore the matter to the file of the A.O. for deciding the same afresh after verifying the explanation of the assessee. Needless to observe that the A.O. shall afford proper and sufficient opportunity of being heard to the assessee before deciding this issue finally in set aside proceedings. - Decided in favour of revenue for statistical purposes.
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