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2021 (3) TMI 998 - AT - Income TaxAddition u/s 68 - unexplained credit - assessee claims that Accountant, who prepared financial statement has inadvertently passed wrong journal entries in respect of provision for depreciation account which resulted in overstatement of capital account for the assessment year 2016-17 - HELD THAT:- Before us, the assessee is unable to explain as to how difference in capital account was reconciled with reference to amount outstanding in provision for depreciation account. If at all, the assessee has explained difference and filed necessary journal entries to explain the fact that wrong journal entries has been passed to capital account, then there is no reason for authorities below to observe that no evidence has been filed to explain the difference. Even before us, the said difference is unreconciled. Considering the fact that assessee has requested for one more opportunity to go back to the Assessing Officer to explain difference in capital account, we are of the considered view that the issue needs to go back to the file of the Assessing Officer. Hence, we set aside the appeal to the file of the Assessing Officer and direct him to reconsider the difference in capital account in light of various averments including reconciliation if any, filed to explain difference in capital account. The assessee shall file necessary evidences to explain the difference in capital account. Appeal filed by the assessee is allowed for statistical purposes.
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