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2021 (3) TMI 699 - HC - Income TaxAddition u/s 68 - unexplained cash credit - HELD THAT:- The assessee produced a photostat copy of the return of income filed by it for all the assessment years i.e., from 2003-04 to 2010-11 along with computation of income for all the years in the form of annexure to the written submissions. The appellant also submitted Photostat copies of the bank statements starting from 01.04.2002 to 31.03.2010 as annexures along with the written submissions. These facts appear to have weighed in the mind of the CIT(A) for granting relief to the assessee. Revenue alleged sufficient reasons have not been recorded. But, the Revenue would not be right in contending that the assessee never offered an explanation in spite of this alleged cash credit. Probably, if the CIT(A) had recorded its opinion upon perusal of the records placed in the form of annexures, in all probabilities, the Revenue would have been on appeal before us and not the assessee. Considering the fact that the assessee is an individual and also taking note of the fact that there is an explanation offered by the assessee, this Court is of the view that the matter can be remanded back to the CIT(A) for fresh consideration of the explanation offered by the assessee in respect of the alleged cash credit and pass a speaking order on merits and in accordance with law.
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