Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (12) TMI 300 - ITAT AHMEDABADUnexplained investment in Saving Bank Account - Held that:- AIR wing of the Department transmitted information to the AO that a sum of ₹ 21,76,820/- was deposited in the saving bank account by way of cash. The assessee failed to give any plausible explanation of the source of deposits. Accordingly, the ld.AO has made addition with the aid of section 69 of the Income Tax Act. Appeal to the ld.CIT(A) did not bring any relief to the assessee. On due consideration of the record, find that first notice under section 143(2) was issued upon the assessee on 27.8.2010. Thereafter, the AO was transferred and new incumbent took seat of the AO. He initiated assessment proceedings effectively from the month of October, 2011. He passed assessment order on 14.12.2011. Time gap given to the assessee in this process was very short. Similarly, before the ld.CIT(A), the assessee did not prosecute the appeal properly as alleged by the assessee. Taking into consideration all these aspects, we deem it proper that ends of justice will be met if I set aside the impugned order and restore this issue to the file of the ld.AO for re-adjudication. The assessee is directed cooperate with the AO and not act negligently as acted in erstwhile proceedings. The ld.AO shall grant due opportunity of hearing to the assessee and pass fresh assessment in accordance with law - Decided in favour of assessee for statistical purpose.
|