Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (2) TMI 1207 - AT - Income TaxUnexplained cash credit u/s.68 - proof of the claim of the share application money received - Held that:- Perusal of the bank accounts shows that in all the cases, transactions are with identical companies, from where, the money is coming and it is received either on the same day or immediately previous day to the date of transfer of the funds through RTGS. Admittedly, these evidences need to be examined in detail. This being so, the issues in this appeal are restored to the file of the AO for readjudication. The facts in the present case showed that certain evidences had been produced before the AO. The AO had sent these details to Kolkata for examination as the share applicants are based in Kolkata. Now, examining such persons in Kolkata at the back of the assessee would be a clear violation of the principles of the natural justice. In these circumstances, keeping in mind the principles of natural justice, the issues in this appeal are restored to the file of the AO for re-adjudication. - Appeal filed by the assessee is partly allowed for statistical purposes.
|