TMI Blog2019 (8) TMI 332X X X X Extracts X X X X X X X X Extracts X X X X ..... and that assessee explained that due to his ill-health, the evidences could not be produced before A.O, therefore, one chance could be given to assessee to explain the matter in issue before A.O. supported by documentary evidences. We set aside the Orders of the authorities below and restore the matter in issue to the file of A.O. with a direction to re-decide the grounds of appeal so raised by the assessee above, by giving reasonable, sufficient opportunity of being heard to the assessee. - Appeal of assessee allowed for statistical purposes. - ITA.No.3792/Del./2014 - - - Dated:- 5-8-2019 - Shri Bhavnesh Saini, Judicial Member And Shri R.K. Panda, Accountant Member For the Assessee : Shri Rakesh Gupta Shri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax (Appeals) had erred both in law as- well-ass in facts of the case in making addition of ₹ 86,598/- on account of alleged net profit being less than 8% of gross turnover. 6. That the authorities below had erred both in law as well as in fact of case in disallowing deduction under section 80C of the Income-Tax Act, 1961 for payment of life insurance premium. 1.1. Earlier this appeal of assessee were dismissed for default. However, by allowing M.A. of the assessee, appeal was restored. 2. Briefly the facts of the case are that assessee filed return of income declaring income of ₹ 1,91,940/-. The source of income attributed to retails trader maintaining no accounts books..On ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that assessee made deposits in cash in various accounts for which assessee has given explanation that amounts have been received on account of sale of waste papers and cash received from Mr. Manish Kumar, cash received from partnership firm Mr. Susheel Jain. There was another joint account with wife of assessee in which similar explanation have been given, but, explanation of assessee was not accepted. The other explanation of assessee that there was joint account with brother of assessee and amount was available on sale of property was not accepted in absence of any evidence. The joint account with daughter of assessee was also not accepted and in case of wife and daughter income was also clubbed under section 64(1) of the I.T. Act. The L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stated that since it was an ex-parte assessment order, therefore, matter could be remanded to the A.O. for fresh consideration considering the facts of the case. 6. After considering the rival submissions, we are of the view that matter requires reconsideration at the level of the A.O. Assessee is in business of trading of waste paper. The entire business is depending upon cash purchase and cash sales. The A.O. should have consider the nature of business of assessee and should have consider that there were joint accounts with family members of the assessee and matter should have been enquired into whether the cash deposited in the joint accounts belongs to the other family members as well. Since no detailed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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