2022 (11) TMI 971 - AT - Income Tax
Unexplained cash credits u/s. 68 - Assessee failure to discharge the onus put upon - assessee has failed to supply any documents/evidences to prove the genuineness of the transaction, established the identity of the depositor and prove the capacity of the depositor - assessee submitted that so far as the creditor in respect of whom the additions were made by AO said company is very much traceable and has in fact gone into liquidation - HELD THAT:- As assessee submitted that the said creditor in respect of whom additions have been made by the AO and also confirmed by CIT(A) in the appellate order is both identifiable as well as traceable. Assessee submitted that the assessee has a good case on merits and in the instant set of facts the additions should not be confirmed on merits and if given an opportunity of being heard, the assessee is desirous to place on record additional evidences before ld. CIT(A) to prove the genuineness of the transaction and creditworthiness of the creditor in respect of the aforesaid unsecured loan.
In view of the above in the interest of justice, we are setting aside the file to the ld. CIT(A) for hearing the case on merits after giving due opportunity of hearing to the assessee to place on record all additional documents/evidences. Appeal of the assessee is allowed statistical purposes.