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2021 (1) TMI 531 - AT - Income TaxAddition u/s 68 - Assessee shown earnest money with an opening balance as brought forward from the preceding year - AO made addition for want of any explanation about the nature and source of the said credit entry - assessee has contended that the amount was received through banking channel and under the contract as security deposit for the contract work to be carried out by the contractor however, the contract work was not carried by the contractor and the amount was refunded by the assessee in the subsequent year - HELD THAT:- When the amount was claimed to have been received by the assessee through banking channel and under the agreement, which was claimed to be repaid by the assessee in subsequent year then the relevant documentary evidence is required to be verified before deciding the issue of unexplained cash credit. Hence, this issue is set aside to the record of the Assessing Officer to properly verify, examination and consider the evidence produced by the assessee. Addition towards the alleged booking amount received in cash - Since the other issue is remanded to Assessing Officer for verification and for adjudication this issue also remanded to the Assessing Officer with similar directions. Validity of assessment proceedings for want of the valid notice u/s. 143(2) - HELD THAT:- Though the Assessing Officer has stated in the assessment order that the notice u/s. 143(2) issued and served on the assessee by speed post on 29.09.2011 however, it is not clear, what is the date of the notice u/s. 143(2) and when it was dispatched - in the absence of the relevant record, this issue cannot be decided conclusively. The assessee though applied for certified copy of the assessment proceedings however, the same has not been supplied to the assessee till date. Therefore we set aside this issue to the record of the Assessing Officer to decide the same considering the objections of the assessee. Appeal filed by the assessee is allowed for statistical purposes.
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