Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (7) TMI 1261 - AT - Income TaxAssessment u/s 153A - unexplained credit into bank accounts - scope of unabated assessment - existence of incriminating material to initiate assessment - HELD THAT:- During the course of hearing here DR was specifically asked to refer and the produce the incriminating material qua this addition of unexplained credit into bank accounts. DR despite providing sufficient time of more than one month, he failed to produce or link the addition with the any incriminating material. Neither the AO nor the ld. CIT(A) has specifically linked this addition with any incriminating material found and seized during the course of search, therefore, in absence of any incriminating material qua this addition, same cannot be sustained. The ground No. 2 of the appeal is accordingly allowed. Unexplained cash credit on the basis of the revised balance sheet furnished by the assessee - HELD THAT:- This addition is not based on incriminating material found during the course of the search and accordingly same cannot be sustained relying on ratio in the case of Continental Warehousing Corporation [2015 (5) TMI 656 - BOMBAY HIGH COURT] - additions cannot be sustained on the legal ground of no incriminating material. Unexplained cash credit - As submitted that additions which are in respect of same party for same deposit, but made once under credit in bank account and secondly under unexplained cash credit in books of account, same might be eliminated - HELD THAT:- We are of the opinion that addition could not be made twice for the same entry of the deposit, once, appearing in the bank statement and secondly appearing in the books of accounts of the assessee and similar is the situation in respect of cash deposit in bank account. The Assessing Officer shall verify the contention of the assessee and accordingly take appropriate action in accordance with law.
|