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2017 (1) TMI 1728 - AT - Income TaxUnexplained cash credit - enhancement of the income at the rate of 1.50% on total cash credit in the banks by the ld. CIT(A) as against the 1.00% applied by the AO - HELD THAT:- There are several cheque /RTGS entries of returned cheques/RTGS and interbank transfers in the assessee’s bank accounts which were also included in the total credits which according to us is not correct and need to be excluded for the reasons that there can not be any income on unpaid or returned cheques/RTGS/inter bank transfers in assessee’s banks. Income of the assessee has to be calculated on the basis of correct amount of credits appearing in the bank accounts which required to be verified and ascertained at the level of AO. All this has happened due non cooperation by the assessee during the assessment proceedings. - Restore the issue back to the file of the AO to make the assessment afresh as per law and facts after providing reasonable opportunity of hearing to the assessee to present his case. Assesssee is also to cooperate in the assessment proceedings and to file all the documents and information may be required by the AO to determine the income of the assessee. Appeal of the assessee is allowed for statistical purposes.
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