2014 (10) TMI 1062 - AT - Income Tax

Addition u/s 68 - AO noticed from AIR information that the assessee has deposited cash in bank account - HELD THAT:- Assessee has undertaken to fully co-operate with the tax authorities and also agreed to produce all the relevant parties who have given cash to the assessee and to whom cheques were issued. Further the assessee has also agreed to furnish all other details. We are of the view that, in the interest of natural justice, the assessee may be given one more opportunity to prove the cash deposits made into the bank accounts.

Accordingly, we set aside the order of CIT(A) on these two issues and restore them to the file of the assessing officer with the direction to examine them afresh after affording necessary opportunity of being heard to the assessee and take appropriate decision in accordance with the law. We prefer to set time frame for completion of the assessment.

We direct AO to complete the assessment within three months from the date of receipt of this order. The assessee is also directed to fully co-operate with AO in completing the assessment by furnishing all the details that may be called for and by producing the parties as may be required by the assessing officer. Assessee is treated as allowed for statistical purposes.