Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (2) TMI 592 - AT - Income TaxUnexplained investments - Addition on the basis of a new ground - Contention of the assessee that investment was made out of cash deposits in HDFC bank account of the assessee - investment relating to security transactions - Contention of the assessee that investment was made out of cash deposits in HDFC bank account of the assessee - no doubt was raised and Assessing Officer duly verified the same.no doubt was raised and Assessing Officer duly verified the same - HELD THAT:- CIT (Appeals) sustained the addition altogether on different ground. We find merit into the contention of the assessee. It is seen that the Assessing Officer did not doubt about the cash flow submitted by assessee. He made addition on the basis of unexplained peak purchases. However, this action of Assessing Officer was found not in accordance with law by the learned CIT(Appeals). Learned CIT(Appeals) proceeded to sustain the addition on the ground of unexplained source of investment. CIT(Appeals) did not confront the assessee regarding cash flow submitted by him. Under these facts when there is nothing on record to rebut the correctness of cash deposited in the bank account held with HDFC bank, the addition sustained by the learned CIT(Appeals) cannot be confirmed. Therefore, I hereby direct the Assessing Officer to delete the addition. - Decided in favour of assessee.
|