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2015 (10) TMI 239 - AT - Income TaxUnexplained cash credits u/s.68 - unexplained deposits in assessee's savings bank account - CIT(A) deleted the addition - Held that:- From the order of the Ld. CIT (A), it appears that though the facts submitted by the assessee are acceptable, the source of bank deposit that was initially available in the bank account of the assessee has not been established. No doubt it is apparent that the assessee had withdrawn the money from his bank account and paid to Shri C.Subramnia Gounder for purchase of land and since the sales has not materialized the amount was refunded and re-deposited in the bank, however the source of the bank deposit available initially with the assessee has not been established. Unless the source of bank deposit initially available with the assessee is found to be genuine, it cannot be held that the assessee had accounted money in his bank account which was utilized for payment of advance for purchase of land and subsequently returned since the sale has not materialized. Therefore, in the interest of justice we hereby remit the matter back to the file of the Ld. Assessing Officer for denovo consideration. - Decided in favour of revenue for statistical purposes
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