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2023 (10) TMI 267 - ITAT DELHIUnexplained cash deposits - assessee vehemently argued that the learned CIT(A) failed to appreciate the fact in right perspective and sufficient opportunity was not granted to the assessee - assessee drew our attention to the bank statement filed to demonstrate that the account in question was held by Mr. Surjit Singh in his individual capacity and the authorities below have wrongly taxed the deposits in assessee’s hand, which is independent juristic person - HELD THAT:- As in the knowledge of the learned CIT(A) that account in question was in individual capacity but he treated it to be of the assessee company. It is stated by the learned CIT(A) that before him the assessee had submitted the bank statement from 15.4.2013 to 28.4.2013. One of the objection of CIT(A) was that the assessee failed to submit complete bank statement for the entire period i.e. 1.1.2013 to 31.3.2014 so as to verify and reconcile any further transaction of cash deposit to the assessee company. Before Tribunal the assessee has filed a bank statement that covers the period starting from 1.4.2013 to 31.3.2014 for the relevant financial year. I have perused the bank statement as filed by the assessee. V Vide entry dated 29.4.2013 there is a transfer through RTGS. Undisputedly, the basis for making addition was that certain cash deposit was made in the bank account bank account no. 67170726788 maintained with State Bank of Travancore. This bank account is in the name of Shri Surjit Singh, Director of the assessee company. The assessee ought to have provided the complete bank statement to learned CIT(A) for verifying the transaction between the assessee and the account in question, therefore we hereby set aside the impugned assessment order and restore the matter to the file of the learned CIT(A) to decide the matter afresh, in accordance with law, of course, after affording reasonable opportunity of being heard to the parties.Appeal of the assessee stands allowed for statistical purposes only.
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