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2021 (1) TMI 838 - AT - Income TaxAddition being cash deposits in the assessee’s bank account - addition u/s 68 or 69A - As argued additions were made under erroneous section, i.e., section 69A which is not applicable in the instant case and addition if at all ought to have been made u/s 68 - HELD THAT:- The total addition made on account of unexplained cash deposits in the bank account is amounting to ₹ 10,83,000. The A.O. has not even given credit to the cash withdrawals made on 10.05.2014 amounting to ₹ 2,85,000. The financials for the period 31.03.2012, 31.03.2013 and 31.03.2014 have not been properly considered by the CIT(A). CIT(A) has also not taken into account the audit report concerning assessment year 2010-2011.Therefore, in the interest of justice and equity, one more opportunity should be granted to the assessee. Accordingly, the issues raised in this appeal are restored to the files of the AO. The assessee shall cooperate with the Revenue and shall furnish the necessary details. The assessee shall not seek unnecessary adjournment. The A.O. shall pass an order after affording reasonable opportunity for hearing. Appeal filed by the assessee is allowed for statistical purposes.
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