Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (6) TMI 941 - AT - Income TaxReopening of assessment u/s 147 - addition u/s 68 - unexplained cash credits - Assessee submitted that the deposit represents return-back of advance made by the assessee for the purchase of agricultural land - HELD THAT:- Assessee had, entered into a sale agreement which was cancelled and the money so received by the assessee was deposited in ICICI Bank Account. However, it could be seen that pursuant to sale agreement dated 08.04.2010, the assessee has paid a sum of Rs.20 Lacs to the seller which fall in this year and therefore, the assessee was obligated to prove the source of payment. No doubt, the assessee being a retired employee may have accumulated savings and certain cash-in-hand, however, the onus to prove the source of payment with cash flows was not completely discharged by the assessee. Pertinently, the assessee had deposited another Rs.13.40 Lacs in another Bank Account held with Indian Overseas Bank which also could not be fully explained. CIT(A) has sustained addition to the extent of Rs.20 Lacs which would mean that the assessee was able to explain the source to a certain extent. Therefore, on the given factual matrix, we deem it fit to restore the matter back to the file of Ld. AO with another opportunity to the assessee to prove the source of remaining Rs.20 Lacs. The assessee is directed to substantiate the same. Needless to add that sufficient opportunity of hearing shall be granted to the assessee. AR has submitted that reasons to reopen the case have not been provided to the assessee. However, it could be seen that the assessee has asked for reasons only during September, 2021 which is much even after the date of impugned order. The case was reopened as early as during the year 2014. The assessee did not file return of income for the year under consideration. Therefore, in such a case, the only direction that could be given to Ld. AO is to provide the copy of reasons record, if available on record. Assessee appeal stand allowed for statistical purposes.
|