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2021 (9) TMI 31 - AT - Income TaxAddition u/s 68 - unexplained source of loan - unexplained cash credit - AO has not accepted the explanation of the assessee and stated that because of non filing of documents pertaining to the lenders, the identity of the lenders, capacity and creditworthiness of the lenders and genuineness of the transactions of loan taken by the assessee could not be examined - HELD THAT:- The assessee has explained that he was prevented by the aforesaid cause from producing the details before the AO during the assessment. In spite of the undisputed fact that the assessee has categorically brought to the notice of the AO that he was not having access to the part of the information specifically available with the lenders, AO has not issued any summon u/s. 131 of the Act to the two lenders to carry out further verification and to find out legitimacy in the claim of the assessee. We have also considered the decision in the case of Smt. Prabhavati S. Shah [1998 (2) TMI 107 - BOMBAY HIGH COURT] referred by the ld. counsel for need of admitting additional evidence in the larger interest of justice - we consider that it is essential to restore this case to the file of AO for deciding the issue in appeal on merit after examination, verification of the additional evidences which could not be obtained during the course of assessment proceedings because of non-cooperation from the lender parties. Appeal of the assessee is allowed for statistical purposes.
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