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2016 (3) TMI 1460 - AT - Income TaxReopening of assessment u/s 147 - addition u/s 68 - unexplained cash deposits - HELD THAT:- As modus operandi of the transaction is that the moment the cash is deposited immediately the cheques are issued in favour of the somebody. Mostly the name appears of Milap Automotive Pvt. Ltd. - we reject the contention of the assessee that there is no live link between the reasons and the information received. The assertion of Assessee that on receipt of the information from another AO, AO has simply jumped to the conclusion that the deposit is unaccounted income of the assessee. For this our view is that the moment any person of little bit of common sense looks at this account with the income earning employment of the assessee he will jump to same conclusion. Therefore we upheld that reopening of assessment is validly initiated. Therefore ground no 1 of the appeal is dismissed. Addition u/s 68 - As it is evident that u/s 133(6) letters have been issued by the AO to them and out of them few responded. This might have happened because of short time available during the remand proceedings and death of Shri Dinesh Prasad who was the main person collecting money from other parties. As the AO himself has stated that the assessee may not be the real owner of the sum so deposited, therefore in the interest of justice we set aside all three appeals back to the file of AO for verification of the details filed and also to enquire from the beneficiaries of the sum received from the bank account of the assessee. Verification from the bank also may be conducted for the companies in which the assessee has made investment. In view of this all the three appeals are set aside to the file of AO to make assessment de novo. Appeal filed by the assessee is allowed for statistical purposes.
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