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2021 (2) TMI 1139 - AT - Income TaxUnexplained cash in the bank account maintained with HDFC account - assessee could not explain the source of such cash deposits in the bank account maintained with HDFC account on the ground that assessee could not explain the source of such cash deposits - CIT(A) upheld the action of the AO - HELD THAT:- It is the submission of assessee that such cash deposit is out of the realisation of sundry debtors and out of sale proceeds of the closing stock lying with the assessee apart from some opening cash in hand. It is also his submission that given an opportunity the assessee is in a position to explain the source of such cash deposit so made in the bank account. Restore the issue to the file of the AO with a direction to grant one final opportunity to the assessee to substantiate its case and decide the issue as per fact and law. Thus hold and direct accordingly. Grounds raised by the assessee are accordingly allowed for statistical purposes.
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