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2023 (5) TMI 57 - AT - Income TaxUnexplained cash deposited in bank account - compensation on account of acquisition of land by the Government - assessee contended that his only plea was that since he was not offered adequate opportunity of hearing both before the AO and the Ld.CIT(A), and could not make out his case suitably before them - HELD THAT:- Assessee’s consistent stand has been that the cash found deposited pertained to the amount which he received from the Government as compensation on account of acquisition of land under Land Acquisition Act which he withdrew and redeposited in his bank account over a period of time so as to keep cash handy for purchase of new land. On account of the assessee having been unable to avail opportunity of hearing before both the AO and the ld.CIT(A) for bonafide reasons, as noted above, in the interest of justice, we agree with the ld.counsel for the assessee that the assessee be granted further opportunity of hearing so as to plead and give due explanation duly substantiated with evidence for the source of cash deposited in his bank account. Accordingly, restore the issue back to the file of the AO for considering of the issue afresh after providing due opportunity of hearing to the assessee in accordance with law. Grounds of appeal of the assessee are allowed for statistical purposes.
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