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2022 (5) TMI 277 - AT - Income TaxReopening of assessment u/s 147 - information received by department that the assessee has made investment in the property during the year under consideration - creditworthiness of the lenders and the genuineness of these loan transactions - HELD THAT:- The assessee has stated that department can obtain bank statement of these lenders directly from the bank, as due to passage of time the assessee is not able to obtain these bank statements. One of the purposes of Public Authorities is to assist Public in their genuine and bonafide difficulties, as Public Authorities are meant to serve public. The assessee has also produced notorized affidavit dated 18.04.2022, of son of Mr. Jehangir Alam(since deceased), wherein it is averred by son of Mr. Jehangir Alam (since deceased) that his father has given cheque of Rs. 5 lacs to his friend’s brother-in-law, namely Shri Sanjay Kumar, in the year 2009. This is an additional evidence filed by the assessee before the tribunal which requires verification by authorities below. Thus we are inclined to restore the matter back to the file of ld. CIT(A) for fresh adjudication on merits of the issues concerning loans aggregating to Rs. 10 lacs raised from Mr. Jeetender Kumar (Rs. 5,00,000) and from Mr. Jehangir Alam(Rs. 5,00,000/-) respectively,in accordance with law. Needless to say that ld. CIT(A) will give proper and adequate opportunity of hearing to the assessee in set aside remand proceeding in accordance with the principle of natural justice and in accordance with law. CIT(A) is directed to pass reasoned and speaking order.
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