Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (10) TMI 863 - AT - Income TaxAddition u/s 69A - unexplained cash balance - Held that:- We find the assessee, during the course of assessment proceedings, has shown opening cash balance of ₹ 13,48,852/- and the same has not been disputed by the Assessing Officer. We further find that the Assessing Officer has not considered the sale proceeds of the two properties which were deposited in the bank account as argued by the assessee. Further, the rectification application filed by the assessee u/s 154 is still pending. It is also an admitted fact that the assessee has given opening cash balance of ₹ 12,57,796/- as against ₹ 13,48,852/- given at the time of assessment proceedings. Considering the totality of the facts of the case and in the interest of justice, we deem it proper to restore the issue to the file of the Assessing Officer with a direction to give one final opportunity to the assessee to substantiate his case - Appeal filed by the assessee is allowed for statistical purposes.
|