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2022 (1) TMI 88 - AT - Income TaxAddition u/s 68 read with Section 115BBE - HELD THAT:- Opening balance was not confirmed from any closing balance of the earlier period by the assessee before the Revenue Authorities. It is an admitted fact that the assessee has not filed return of income for Assessment Years 2013-14 and 2014-15 and there was no Balance Sheet & Profit & Loss Account before the AO who verified the opening balance for the present Assessment Year. From the perusal of the records before us, the Ld. AR submitted that the same can be demonstrated before the Assessing Officer by the assessee. Therefore, we are remanding back this issue to the file of the Assessing Officer for adjudicating the issue afresh. Needless to say the assessee be given opportunity of hearing by following principles of natural justice. Ground no. 2 is partly allowed for statistical purposes. Addition of cash sales - Assessee has also not fully established as to how the cash sales are genuine as the records produced before us which were already produced before the AO has not been taken into consideration properly by the AO - It will be appropriate to remand back this issue to the file of the AO for fresh adjudication after verifying the evidences produced before the AO. Needless to say, the assessee be given opportunity of hearing by following principles of natural justice. Ground no. 3 is partly allowed for statistical purposes.
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