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2016 (8) TMI 262 - AT - Income TaxUnexplained cash at Bank and cash in hand U/s 68 - Undisclosed bank accounts - undisclosed rental income - Held that:- Assessing Officer had made addition on the basis of closing balance, the assessee also not submitted the details of credit and debit entries of all the bank accounts for the year under consideration, therefore, the assessee was also not came with clean hands after evading tax from F.Y. 1997-98 by acquiring Kirti Nagar, New Delhi flat. Thereafter Bal Mandir house, Kota in A.Y. 2001-02. The assessee disclosed shortage of cash as income at ₹ 8,71,000/- but it is not clear where this amount has gone, which is statutory obligation on the part of the assessee to disclose the true and full particulars of income and investment made during the year under consideration. The assessee has not disclosed the name and address of the tenant who had occupied the flat situated at Kirti Nagar, New Delhi. It is not acceptable that without any deed, he had allowed the property on rent. Even the assessee had not disclosed full particulars of income from where he earned the undisclosed income. This question was asked by the Bench at the time of hearing but no positive reply was given by the ld AR of the assessee. Therefore, in absence of full details, the ld Assessing Officer has to decide the assessee’s case on estimated basis. Further the ld CIT(A) also had not passed reasoned order, so that we can conclude that he was justified in deleting the addition made by the ld Assessing Officer. Accordingly, we set aside the order of the ld CIT(A) to the Assessing Officer. The assessee is directed to cooperate with the Assessing Officer and produce all the evidences of ownership of the properties acquired in F.Y. 1997-98, 2001-02 and also during the year under consideration, so that the Assessing Officer can assess the correct income on the basis of peak theory of the bank account as discussed above. Accordingly, the revenue’s appeal is set aside to the Assessing Officer and the appeal is allowed for statistical purposes only
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