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2015 (7) TMI 841 - AT - Income TaxUnexplained cash credits in assessee's bank account - addition u/s 68 of the Act, on the ground that the assessee was not able to furnish the explanation regarding the nature and source of cash and other deposits and held the amount as unexplained - CIT(A) deleted the addition - Held that:- CIT(A) after going through the written submissions of the assessee, without seeking a remand report from AO, comes to the conclusion that modus-operandi of the assessee was that first, cash was deposited in the proprietary concern account of assessee in Punjab National Bank ; and in the second stage, it was transferred by the assessee through banking channel to two companies wherein he is the Director ; and in the third stage, the other two Directors, namely, Shri Mukesh Gauam and Shri Chandra Prakash Bhardwaj used to issue cheques to the entry seekers, thus the cash deposited in bank is back in the hands of the depositors. However, we find this modus operandi does not come out of the written submission or emerge from the records before us. We are unable to understand how the CIT (A) accepted the modus simply accepting the version of the assessee without at least calling for the bank statement of the two companies wherein he is the Director to verify whether the contention of the assessee saying that he is only an accommodation entry provider is correct or not; or by calling for remand report and find out to whom accommodation entries were given etc. In the said scenario, we set aside the order of the CIT (A) and remand the matter back to the file of the AO for de novo assessment. - Decided in favour of revenue for statistical purposes.
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