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2022 (9) TMI 813 - AT - Income TaxPenalty levied u/s 271(1)(c) - Addition u/s 68 - unexplained cash deposited in the bank account of manager of the assessee company - as submitted assessee is not aware of the bank account no. ending with 355 with the Saraswat Co-op Bank - HELD THAT:- As on a perusal of the bank-statement filed before us of this account number ending with SBPUB/355 it is noted that it is of Aamil Reza Hemani and there are transaction wherein assessee’s name is found wherein he has been transferred Rs. 5000/- on 12.10.2000 and Rs. 1,00,000/- on 21.10.2009. From the facts narrated we are of the considered opinion, in the interest of justice for both side and taking into account the facts that the similar addition has been made in the hands of M/s. Kareem’s Hospitality Pvt. Ltd and in the light of the additional information noted by us according to us denovo assessment is required after verification of the fact discussed (supra). Therefore, we set aside the impugned order of the Ld. CIT(A) and remand the same back to the file of AO with a direction to frame denovo assessment. Needless to say that if the cash deposited in assessee’s bank account has already been taxed in the hands of M/s. Kareem’s Hospitality Pvt. Ltd (employer of assessee) or in the hands of the director of the assessee company Mr. Kareem Dhanani then no addition is warranted in the hands of the assessee who was performing the duty of manager in M/s. Kareem Restaurant. Appeal of the assessee is allowed for statistical purposes. Penalty levied u/s 271(1)(c) - We taking note of the fact that we have already remanded the assessment back to AO for denovo assessment for AY. 2010-11, the penalty levied also does not survive. Therefore, the impugned penalty needs to be cancelled; and later after the assessment is reframed by the AO, he is at liberty to take action in accordance to the law.
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