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2020 (12) TMI 729 - AT - Income TaxAssessment u/s 153A - addition for unexplained deposits - HELD THAT:- AO has made the addition for these six years on account of unexplained deposits in the bank account of the assessee. As assessee has contended that the additions were made by the AO by considering the deposits only made during the year without taking into account the corresponding withdrawals by the assessee. Thus it is pleaded that the addition if any can be made only for the peak credit in the bank account of the assessee. Since this issue of considering the withdrawals requires verification of the record and therefore, in view of the submissions of both the parties the matters for all these six years is remanded to the record of the Assessing Officer for re-adjudication of the issue of addition on merits after considering the explanation of the assessee including withdrawals made by the assessee from the bank account. Needless to say the assessee be given a proper opportunity of hearing. As regards, the legal issue raised by the assessee challenging the validity of the addition made by the AO in the absence of any incriminating material found and seized during the course of search and seizure operation the same is kept open to be agitated by the parties, if need arises. AO is directed to give finding of fact whether any incriminating material was found and seized during the course of search and seizure action disclosing any undisclosed income of the assessee on account of the deposits made in the bank account.
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