Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (7) TMI 328 - AT - Income TaxUnexplained investment u/s 69 - Explanation to source of investment - HELD THAT:- A perusal of the order of the first appellate authority does not reveal that any notice of enhancement was issued to the assessee and prior to such notice it is not known whether the CIT(A) has asked the assessee to explain the source of investment. Though there is a passing reference that the assessee was required to explain the source of investment but evidences filed by the assessee have been simply rubbished by the ld. CIT(A). CIT(A) ought to have asked the assessee to explain the source of investment and if not satisfied, then should have issued notice of enhancement. Since the Assessing Officer had no opportunity to examine the evidences, we deem it fit to restore the entire issues to the file of the CIT(A). CIT(A) is directed to examine the evidences relating to the source of investment and after satisfying himself, should proceed further keeping in mind that the AO has not made any addition u/s 69 as relying on SARDARI LAL & CO [2001 (9) TMI 1130 - DELHI HIGH COURT] and SHRI. B.P. SHERAFUDIN [2017 (11) TMI 128 - KERALA HIGH COURT] - Appeal of the assessee is treated as allowed for statistical purposes.
|