Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (9) TMI 98 - ITAT AMRITSARUnexplained cash deposit u/s 69A - as submitted Cash relates to sale of agriculture land and cash is deposited by all the other relevant family members too and further the revenue has not brought on record any evidence or proved that cash deposit relates to some other source - HELD THAT:- The issue was grabbed up such a way that the revenue is claiming that the registered deed is duly showing the consideration Rs. 24,65,000/- related to sale of property. Whereas the assessee deposited cash in the bank account amount to Rs. 90,17,000/-. The addition of interest amount to Rs. 60,996/- was agitated by the assessee before the bench. AR argued that the addition of cash deposit is lack of verification by the revenue authorities, before the appeal and assessment stages. In fact, the said appeal is lack of verification from end of revenue. With consent of both the parties, the matter is remitted back to the AO for further adjudication de novo. Needless to say, the assessee should get a reasonable opportunity of hearing in the setting aside proceeding.
|