Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (5) TMI 709 - AT - Income TaxUndisclosed sources u/s 68 - Held that:- It is a serious lapse which requires investigation at the highest level, how the A.O. passed two orders one in favour of Revenue and another in favour of Assessee. It may also be noted that the Ld. CIT(A) simply followed his order for A.Y. 2005-2006 for the purpose of deleting the addition. Learned Counsel for the Assessee however, fairly stated that in A.Y. 2005-2006, the issue was of unexplained share application money, but, in assessment year under appeal, the issue is of unsecured loans. CIT(A) has co-terminus powers to that of the A.O. Therefore, it is his duty to verify the facts and then pass the order as per Law. The Ld. CIT(A) without giving any reasons for decision in the appellate order passed the order following his order for A.Y. 2005-2006 which may not be relevant to the matter in issue. Ld. CIT(A) have also not verified as to how two different orders have been passed by the A.O. on the same matter in issue showing different additions against the assessee. In this view of the matter, we are of the view that the matter in issue requires reconsideration at the level of the Ld. CIT(A). - Appeal of Revenue is allowed for statistical purposes.
|