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2020 (11) TMI 980 - AT - Income TaxAddition u/s 69 - As per assessee advance finance charges on loan granted by financier for purchase of truck which were collected in advance and added to the cost of truck for the purposes of funding by the financier and further an amount of insurance being paid by the finance company on behalf of the assessee for acquisition of the truck which has been added to the cost of the truck for the purposes of granting/funding loan - HELD THAT:- One more opportunity need to be granted to the assessee to produce relevant evidences to substantiate contentions as are made with respect to advance finance charges collected by financier which is added to loan amount as well insurance paid by financier on behalf of the assessee to insure the truck purchased by the assessee. Thus, we are remitting the matter back to the file of the AO for fresh adjudication of the matter denovo. The assessee is directed to produce relevant documentary evidences before the AO to justify his stand. The AO shall admit evidences filed by the assessee which shall be adjudicated on merits in accordance with law. Needless to say that the AO shall give proper and adequate opportunity of being heard to the assessee in accordance with principles of natural justice. The ground number 3 filed by assessee in memo of appeal is allowed for statistical purposes. Addition towards cash deposits unexplained - HELD THAT:- The complete cash book is not filed and it carries mainly cash receipt from coal business. In any case , the cash book now filed before the tribunal need verification by the authorities below and we are remitting the matter back to the file of the AO for fresh determination of the issue as to the verification of bonafide of explanation of the assessee with respect to sources of cash deposit in Axis Bank claimed to be from business of truck plying. The assessee is directed to produce all relevant evidences of receipts , expenses etc. from the truck plying business to support and justify its stand. The AO is directed to admit all evidences filed by assessee in its support and the same be adjudicated denovo on merits in accordance with law. Needless to say that the AO shall provide proper and adequate opportunity of being heard to the assessee in accordance with principles of natural justice in accordance with law, in denovo proceedings as directed by us. This ground of appeal bearing number 4 filed in memo of appeal filed with tribunal is allowed for statistical purposes.
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