Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (11) TMI 557 - AT - Income TaxUnexplained term deposit and cash deposit in the bank account - Admission of additional evidence - HELD THAT:- From bank account of the assessee it is clear that prior to the term deposit and cash deposit the assessee has made various withdrawals which is around ₹ 5,00,000/-.Considering this withdrawal of the assessee from the bank account about ₹ 5,00,000/- and further, a sum of ₹ 5,00,000/- received under the development agreement out of which ₹ 2,49,000/- received in cash prima facie support the case of the assessee. These two documents being a registered agreement and bank account are beyond the scope of any manipulation by the assessee and details of the bank account was very much available with the AO being the basis of this addition - Assessee has also filed an affidavit to explain the reasons for source as well as not furnishing the documentary evidence before the authority below. From documents filed by the assessee as additional evidence we find that though the assessee could not produce these documents before the authorities below however, these documents were very much in existence at the time of assessment and there is no scope of any manipulation - we admit the additional evidence filed by the assessee and set aside the matter to the record of the AO to adjudicate the same afresh after verification and examination of the additional evidence filed by the assessee as well as giving an opportunity of hearing to the assessee - Appeal of the assessee is allowed for statistical purposes.
|