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2022 (2) TMI 423 - AT - Income TaxUnexplained cash credits in bank accounts - unexplained income of the assessee u/s 69 - Case of the assessee was selected for scrutiny assessment u/s. 143(2) - as argued assessee was a semi-literate person who was earlier running a shop and was presently working with a company as an agent - HELD THAT:- We are of the considered view, that the claim of the assessee that the transactions in the assessee’s bank account were managed and operated by Shri Jatinder Kumar a travel agent, could not have been summarily brushed aside, and in all fairness, considering the peculiarity of the facts involved in the case before us required a serious consideration on the part of the CIT(A), who we are afraid by loosing sight of the aforesaid material facts pertaining to the assessee, i.e., his limited financial means, family status etc., which prima facie revealed that he had no financial means to have made the aforesaid substantial amount of cash deposits of ₹ 45.50 lac, had in fact hushed through the matter and saddled the assessee with exorbitant taxes. We are of the considered view that the matter requires to be re-examined by the Assessing Officer, who is accordingly directed to carry out necessary verifications as regards the aforesaid claim of the assessee by conducting necessary enquiries from Shri Jatinder Kumar (supra) and from the bank i.e., State Bank of Patiala, Branch : Kanak Mandi, Hoshiarpur. Needless to say, the Assessing Officer while disposing off the appeal shall afford a reasonable opportunity of being heard to the assessee, who shall remain at a liberty to substantiate his aforesaid claim on the basis of fresh documentary evidences. We, thus set-aside the matter to the file of the Assessing Officer for the limited purpose of verifying the assessee’s claim qua the cash deposits of ₹ 45.50 lac in his saving bank account with State Bank of Patiala, Branch: Kanak Mandi, Hoshiarpur. The Grounds of appeal nos. 1 to 3 are allowed for statistical purposes.
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