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2020 (3) TMI 50 - HC - Income TaxUnexplained income of the assessee under section 68 read with section 69A - AO and CIT-A held that it was unexplained income - Tribunal held otherwise stating “the assessee has been mis-utilized by his employer to route the cash through his bank account” - HELD THAT:- What was the source of this money, to whom this amount was transferred immediately after it was deposited, the manner of transfer, the way the transferred fund was utilised have not been discussed at all by the tribunal. The onus is on the assessee to explain, otherwise it would be treated as unexplained income in his account. A speculative assertion by the tribunal that since the money came in and went out simultaneously would not absolve the assessee, in our opinion, unless substantial evidence is led by him to show the source of the fund and the application thereof. The question arises whether the order of the tribunal is perverse. In our opinion, it would be in the interest of justice if the said order of the tribunal with regard to the above issue is set aside and the matter is remanded for fresh determination.Direct the tribunal to rehear the matter and pronounce a reasoned decision within four months of communication of this order.
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