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2018 (5) TMI 48 - AT - Income TaxAddition of amount credited in the suspense account - unexplained / bogus transaction - assessee is a cooperative bank and the transactions appearing in the suspense account neither debited to the profit & loss account nor claimed as expenditure - Held that:- As at the end of the year, there was an amount outstanding to the extent of ₹ 2,33,47,196/- which remained un-reconciled by the assessee. At the time of remand report also, the assessee could not reconcile the difference. The explanation offered by the assessee is general in nature for all the heads of suspense account but not furnished the specific details. The outstanding in the suspense account required to be reconciled as at the end of the year and furnish the necessary details before the A.O. Therefore, we are of the considered view that the assessee is bound to submit transaction wise details with nature of transactions name of the creditor, date of transaction, amount paid or adjusted, etc before the A.O. Therefore, we are of the opinion that the issue should be remitted back to the file of the A.O. to examine the suspense account in detail and decide the issue afresh on merits. The assessee is required to submit the complete details with regard to the transactions under each head of suspense account with name, date of entry, date of adjustment, etc. Accordingly, we set aside the orders of the lower authorities and remit the matter back to the file of the A.O.- Decided in favour of revenue for statistical purposes.
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