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2016 (8) TMI 407 - AT - Income TaxAdditions on account of cash and credit deposits into the Bank account - Held that:- The assessee has regularly deposited the amounts into these two bank account and simultaneously making withdrawals on regular basis. In view of the submissions of the ld.AR and bank statements of the assessee, we find that the assessee is a small entrepreneur who deposited the cash and cheques into his bank account and also made withdrawals regularly for the purpose of business. We further find from the records that the AO made assessment u/s 144 of the Act also and assessee could not appear before the AO to explain the deposits made therein and cash withdrawn from the bank accounts. We, therefore, are of the considered view that ends of justice would meet if the case of the assessee is restored back to the file of the AO to decide afresh after allowing the opportunity of being heard to the assessee, and no prejudice would be caused to the revenue thereby. Accordingly, we set aside the order of ld CIT(A) and restore the case back to the file of the AO. The assessee is also directed to produce relevant supporting documents before the AO and co-operate with the AO for speedy disposal of the issue. - Decided in favour of assessee for statistical purposes.
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