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2019 (8) TMI 332

..... upon cash purchase and cash sales. 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 enquiry have been done at the assessment stage and addition is made merely in the absence of assessee 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 .....

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..... eals) erred both in law as well as in facts of the case in up-holding addition of ₹ 4,90,000/-, the amount of deposits in bank account of the miner daughter of Appellant namely Kanika Gupta. 5. That the Commissioner of Income-Tax (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 .....

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..... t and did not object to the admissibility of the additional evidences. The Ld. CIT(A) considering the explanation of assessee and remand report of the A.O. found 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 .....

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..... d. D.R. though relied upon the Orders of the authorities below, but, fairly 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 .....

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