Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (12) TMI 334 - AT - Income TaxUnexplained cash credit - cash seized at the time of search - being 449 grams of gold added by the AO by alleging that the same is unexplained investment of the assessee and the addition of bogus purchases - As argued orders of authorities below are without providing adequate opportunity of being heard to the assessee and also without properly considering the evidences brought on record by the assessee before the lower authorities - HELD THAT:- Matter should go back to the file of AO for a fresh decision on all the issues because the Assessment Order has been passed by the AO without properly considering the details brought on record by the assessee. On pages 6 and 7 of the assessment order for A. y. 2007 – 08, the AO has noted that the assessee has furnished several papers running into thousands of pages including PAN of investors, copy of Share Application Forms and Ledger Accounts of the Share Applicants but the AO brushed aside all these documents by saying that confirmation letters and source of the share application money was not submitted although before us, it is established by the assessee by filing various documents in the paper book that confirmation of some investors, bank statements of some investors, NBFC Certificate of some investors issued by RBI etc. were very much submitted before the AO and there is no finding of the AO as to how the same are not relevant for examining and deciding the identity and credit worthiness of the investors and genuineness of the transaction. Instead of brushing aside all documents without any discussion, the AO should have discussed about the issue and the documents brought on record by the assessee as to how the same fails to establish the identity and credit worthiness of the investors and genuineness of the transaction. But the AO has not done so and therefore, it is not possible for us to examine the correctness or otherwise of the conclusion drawn by the AO in a summary manner. It is also seen that copy of Investigation Wing report was also not provided to the assessee to enable the assessee to file reply. Hence, we do not decide any of the issues on merit and restore the entire matter (Technical issue or issue on merit) involved in these five appeals back to the file of AO for a fresh decision
|