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2022 (4) TMI 852 - AT - Income TaxAddition u/s 68 - No explanation and evidences furnished in support of the credits in the Bank Accounts - HELD THAT:- Once, the authorities have accepted fact that the assessee is into business of purchase and sale of used cars, then they must have examined claim of the assessee that cash deposits found in bank account is out of advance received from customers for sale of used cars. No doubt, the assessee has taken a different stand at different levels, but learned A.R for the assessee has explained reasons for taking different stand as per which, the assessee’s father was ill during the relevant time and the assessee could not explain his case before the Assessing Officer with necessary evidences. Therefore, the learned A.R for the assessee has requested to give one more opportunity of hearing to explain his case before the AO. We find that when the authorities below does not disbelieve claim of the assessee that he was into business of purchase & sale of used cars, then they must have examined claim of the assessee that cash deposits found in bank accounts is out of advance received from customers. Since, both the authorities have failed to examine claim of the assessee, we are of the considered view that the issue needs to go back to the file of the Assessing Officer to give one more opportunity of hearing to the assessee to justify his case. Hence, we set aside order of the learned CIT(A) and restore the issue back to the file of the Assessing Officer and direct the Assessing Officer to re-examine claim of the assessee - Assessee appeal allowed for statistical purposes.
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