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2020 (12) TMI 77 - AT - Income TaxAssessment u/s. 153C r.w.s. 153A - cash was deposited by assessee in two bank accounts maintained by assessee with Punjab National Bank and the assessee has not submitted any personal books or cash flow statement in respect of deposit - HELD THAT:- Assessee has claimed before the AO that the amounts had been deposited in cash in the bank accounts maintained with the Punjab National Bank out of cash withdrawals from other bank accounts. Before the ld. CIT(A), the assessee has claimed that there was an opening cash balance of ₹ 405800/- as at 01.04.2005 which is primarily used for deposit of cash in bank accounts in previous year 2005-06. Assessee has submitted before us that the said opening cash balance of ₹ 4,05,800/- as at 01.04.2005 was the closing cash balance of the earlier year as at 31.03.2005 and the cash flow of the earlier year has been accepted by the Revenue, but the said facts are not emanating from the record before us. It is also not clear that the said bank accounts with PNB were declared by the assessee in the return of income regularly filed with the Revenue from year to year for the earlier years and also whether the said cash in hand of ₹ 4,05,800/- was accepted by Revenue in the earlier year and under these circumstances in the interest of justice and fair play, we are of the considered view that the matter be set aside and restored to the file of AO for afresh consideration for both the assessment years viz. ay: 2006-07 and 2008-09 for denovo adjudication of the matter on merits in accordance with law - Decided in favour of assessee for statistical purposes.
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