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2020 (6) TMI 45 - AT - Income TaxAddition u/s 68 - source of the cash deposited were amount received out of the unsecured loan taken in the preceding year - HELD THAT:- Issue being of double additions and in some case proper opportunity of being heard have not been provided during the course of assessment and appellate proceedings, we in the interest of justice and fair to both the parties are of the considered view that all the issues raised in these appeals for AY 2007-08 and 2008-09 by the assessee needs to be restored to the file of A.O for denovo adjudication. A.O is directed to accept all the details and material evidence brought on record by the assessee in support of his contention that double additions should not have been made, telescoping benefit of cash deposits out of the funds received from cash creditors should be provided and proper opportunity of being heard should also to be given to the assessee to produce the cash creditors if needed by the A.O so as to prove the genuineness and creditworthiness of the cash creditors. Ld. A.O is also directed to examine the genuineness of loan given to M/s Roshanlal Deshraj & Party and if satisfied with the transactions then necessary relief, if any, available to assessee may be given as per the provisions of Income Tax Act.
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