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2020 (9) TMI 20 - AT - Income TaxUnexplained investment made by the assessee in bank deposits - assessee has submitted that the relevant bank account maintained by the assessee with Syndicate Bank, Asansol Branch was duly reflected in the books of account of his proprietary concern and the cash deposits made in the said account were from the receipts of the proprietary business of the assessee dealing in lottery tickets - if opportunity is given to assessee by sending the matter back to the AO, the assessee is in a position to explain the source of cash deposits - HELD THAT:- Keeping in view all the facts and circumstances of the case, I am inclined to accept this contention of the learned counsel for the assessee. Even the ld. DR has very fairly agreed that the matter can go back to the AO for proper verification of assessee’s explanation. Ground No. 1 of the assessee’s appeal is accordingly treated as allowed for statistical purpose. Unexplained investment made by the assessee in purchase of flat - assessee has submitted that the cash payments in question were also made by the assessee from the withdrawals made from his proprietary concern and since the said withdrawals were duly reflected in the audited books of account of the proprietary concern of the assessee, the same could not be treated as unexplained - as urged that this matter may also be sent back to the AO for giving the assessee an opportunity to explain the source of cash payments in question amounting to ₹ 1,69,000/- from the audited books of account of his proprietary concern - HELD THAT:- As DR has not raised any objection in this regard and has submitted that this matter can go back to the AO for proper verification, we set aside the impugned order passed by the Ld. CIT(A) confirming the addition made by the AO on this issue and restore the matter to the file of the AO for the limited purpose of verifying the explanation of the assessee regarding the cash payment in question from audited books of account of his proprietary concern wherein the same are claimed to be reflected as the withdrawals made by the assessee. Ground No. 2 of the assessee’s appeal is treated as allowed for statistical purpose.
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