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TMI Blog2021 (8) TMI 1036X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee's appeal filed against the order of CIT(A)-1, Hyderabad dated 28.08.2019 relating to A.Y. 2013-14. 2. Brief facts of the case are that the assessee, an individual, filed his return of income for A.Y. 2013-14 on 20.03.2015 totalling to Rs. 2,96,910/-. During the assessment proceedings u/s. 143(3) of the Income Tax Act, 1961 [the Act in short], the AO observed that assessee received sala ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ash deposits are actually the sale receipts from 11 shops. He submitted that such receipts were deposited into his three bank accounts and subsequently returned to the concerned Members of the society. In support of the same, assessee submitted a copy of the letter of the President of the Toddy Distribution Society. The AO, however did not accept the contentions of the assessee and after reducing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2,11,000/- was in fact made by the AO for want of such an affidavit. 3. Without prejudice to foregoing grounds, the ld. CIT(A) ought to have conceded the alternative argument advanced before her that in case the main argument of the appellant that the money belonged to various members of the society is not acceptable, the said deposits of Rs. 62,11,000/- may be treated as retail turnover of appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts are made out of sales of the society. Hence, for this limited purpose of verification of the contentions of the assessee that the deposits are from the sales of Nizamabad Toddy Co-Op Society, we deem it fit and proper to remand the issue back to the file of the AO for de novo consideration in accordance with law. 4. In the result, assessee's appeal is treated as allowed for statistical pur ..... X X X X Extracts X X X X X X X X Extracts X X X X
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