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2020 (8) TMI 437 - AT - Income TaxEstimation of income - trading addition - books of accounts rejected u/s 145(3) - net profit has been estimated @ 15% as against 14.23% declared by the assessee - HELD THAT:- The books of accounts have rightly been rejected u/s 145(3) and thereafter, net profit has been estimated @ 15% as against 14.23% declared by the assessee. Nothing has been brought to our notice in terms of prior settled history of the assessee or comparative third party data. In the facts and circumstances of the case, we therefore upheld the order of the ld CIT(A) and the ground of appeal is hereby dismissed. Cash deposited in the bank account maintained with SBI, Tonk Road, Jaipur - whether the assessee has satisfactorily explained the nature and source of cash deposit of ₹ 25 lacs in his bank account maintained with SBI? - HELD THAT:- Claim of the assessee of returning of the amount originally received from the buyers presupposes the previous understanding between the parties at the time of entering into the agreement and the terms of such understanding which therefore cannot be ignored. The claim of the assessee of returning the amount through cheque can be easily verified from the assessee’s bank statement and the same cannot be manipulated, however, the same has not been verified either during the assessment or during the appellate stage. The affidavit of the buyer even though executed subsequent to the close of the assessment proceedings, however, where the transactions are reflected in the assessee’s bank account, the same cannot be manipulated subsequently and can be easily verifiable directly from the Bank. During the course of hearing, the ld AR has also submitted that the assessee has been able to obtain the original sale agreement which could not be produced earlier as the same was with the buyers and has also submitted the source of repayments which also require proper verification. We therefore believe that the matter requires fresh examination taking into consideration the aforesaid aspects and the matter is accordingly set-aside to the file of the AO to examine the same a fresh after providing reasonable opportunity to the assessee. In the result, the ground is allowed for statistical purposes.
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