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2022 (12) TMI 1306 - AT - Income TaxAddition u/s. 69A - accommodation entries received by the assessee in respect of his own unexplained money - HELD THAT:- As no appearance was put up by the assessee in response to the notice u/s. 142(1) of the Act. Before the CIT(A) also instead of contending that the AO did not conduct independent enquiry and no details of money trail was referred, no evidence whatsoever were filed by the assessee except an affidavit and a bank statement. There were many opportunities given by the AO as well as CIT(A) but no evidences in support of claim of assessee were ever produced before both the authorities below. The provisions u/s. 69A requires explanation of assessee about the nature and source of acquisition of money and if any explanation offered by the assessee is not satisfactory in the opinion of AO, the money is deemed to be income of the assessee. Admittedly, as discussed above, no explanation was offered by the assessee in the assessment proceedings to the satisfaction of the AO and it is established that the AO framed assessment to the best of his judgment u/s. 144 - Therefore, the provisions u/s. 69A of the Act requires explanation by the assessee and when no such information offered by the assessee, we deem it proper in the interest of justice to remand the matter to the file of AO for its fresh verification. The assessee is liberty to file evidences, if any, in support of his claim. Thus, ground No. 2 raised by the assessee is allowed for statistical purpose.
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