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2021 (11) TMI 1113 - AT - Income TaxRectification u/s 254 - unexplained source of money deposited in the bank account - Sham assessee submitted wherein the confirmation with respect to M/s. Sheela Credit & Leasing Limited for payments made by the assessee was submitted, but has been ignored by the bench - HELD THAT:- No details of re-payment to M/s. Sheela Credit & Leasing Limited has been submitted. Therefore, the bench held that agreement to sell entered into by the assessee with M/s. Sheela Credit & Leasing Limited was a sham agreement and it was made just to explain the source of money deposited in the bank account of the assessee. We find that assessee has submitted letter dated 21st June, 2017 wherein assessee referred to the confirmation from that company along with the letter of confirmation dated 31st March, 2019 was also submitted. The above letter was erroneously not considered by the co-ordinate bench. Therefore, to that extent there is an error in the order of the ITAT. The fact shows that the assessee has submitted the details of re-payment. In view of this, the claim of the assessee is found to be correct that assessee has re-paid Rs.8,40,000/- out of the total advance of Rs.15,00,000/- received by the assessee. Even as a material has not been considered by the co-ordinate bench, we hold that there is an error apparent from the record in the order of the ITAT. Thus, the order passed by the bench is recalled. The Misc. application filed by the assessee is allowed.
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