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2015 (10) TMI 1709 - AT - Income TaxUnexplained cash deposits in the savings account - Assessing Officer held that the appellant is not engaged in any kind of business - Held that:- Sale in Cash is deposited with Bank and all Cash Deposited is withdrawn at the time of payment within one or Two day of Deposits. Cash is deposited into Bank to avoid Loot/Theft. Assessee is regularly filing the income tax return from his business income and from LIC commission being agent, hence, it cannot be said that the assessee is not engaged in the business of supply of rice, grain etc. We also find considerable cogency in the assessee’s contention that no the details of vouchers and bills were not produced before the AO as well as before the Ld. CIT(A) for reasons mentioned above. Therefore, in our considered opinion, there is a need to examine in detail that how much the undisclosed income of the assessee is from his business or from the LIC commission being agent, after verifying the documents, bills and vouchers. Therefore, in the interest justice the issues in dispute are remitted back to the Assessing Officer to decide the same denovo. Needless to add that the assessee should be given adequate opportunity of being heard. Assessee is also directed to cooperate with the AO and submit all the details, bills and vouchers in support of his contention. - Decided in favour of assessee for statistical purposes.
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