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2017 (4) TMI 966 - AT - Income TaxAddition u/s 69 - cash deposits in the bank unexplained - Held that:- Assessee has claimed that an amount of ₹ 75,16,179/- deposited in cash in bank accounts with ICICI Bank and Bank of India , were partly out of certain loans raised by the assessee which were subsequently repaid while partly the same were out of sale of family jewellery. These contentions of the assessee need verification, enquiries as well examination by the AO on merits as the AO may deem fit to decide the matter on merits in accordance with law. Thus, we are setting aside the matter to the file of the AO for de-novo adjudication of all issues arising in the assessment on merits by the AO. We would like to clarify that this is an open remand as the orders were all passed by authorities below ex-parte, wherein it is averred by the Revenue that none appeared for the assessee and there has been no compliances on part of the assessee before the AO as well learned CIT(A).
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