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2020 (5) TMI 297 - AT - Income TaxUnexplained cash credit u/s 68 - Assessee claimed taking loan and payment of interest thereon - HELD THAT:- Explanation of assessee should be acceptable so far as first instalment loan of ₹ 20 lakhs is concerned and to that extent, the loan of ₹ 20 lakhs stands explained. Regarding second credit of ₹ 20 lakhs, we find that to the extent of ₹ 9 lakhs received from Vishal Transport, the explanation should be acceptable. Cash deposit of ₹ 11 lakhs (₹ 8 lakhs + ₹ 3 lakhs), there is requirement of investigation into the source of cash deposits in the bank account of Shri Dinkar Shankar Kumbhar, Prop. Shri Swami Bricks. Accordingly, we are of the opinion that the matter should be remanded to the file of Assessing Officer for verification of assessee’s arguments i.e. cash withdrawals from the account of the assessee constitutes source of cash of ₹ 11 lakhs. The Assessing Officer shall give reasonable opportunity of hearing to the assessee and in case the assessee files any evidences, explanations, etc. should accept the same and make re-assessment on this issue. Thus, grounds raised by assessee are partly allowed for statistical purposes.
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