TMI Blog2020 (3) TMI 50X X X X Extracts X X X X X X X X Extracts X X X X ..... t was the source of this money, to whom this amount was transferred immediately after it was deposited, the manner of transfer, the way the transferred fund was utilised have not been discussed at all by the tribunal. The onus is on the assessee to explain, otherwise it would be treated as unexplained income in his account. A speculative assertion by the tribunal that since the money came in an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ars in person ORDER The Court: The amount involved is ₹ 3,86,49,700/-. The question is whether this amount was the unexplained income of the assessee under section 68 read with section 69A of the Income Tax Act, 1961. The Assessing Officer and the Commissioner of Income Tax (Appeals) held that it was unexplained income. The tribunal held otherwise stating the assessee has been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r of the tribunal with regard to the above issue is set aside and the matter is remanded for fresh determination. We order accordingly. We direct the tribunal to rehear the matter and pronounce a reasoned decision within four months of communication of this order. The tribunal would be at liberty to further remand the matter back to the lower adjudicating authorities. By consent of the pa ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
