TMI Blog2022 (6) TMI 941X X X X Extracts X X X X X X X X Extracts X X X X ..... d employee may have accumulated savings and certain cash-in-hand, however, the onus to prove the source of payment with cash flows was not completely discharged by the assessee. Pertinently, the assessee had deposited another Rs.13.40 Lacs in another Bank Account held with Indian Overseas Bank which also could not be fully explained. CIT(A) has sustained addition to the extent of Rs.20 Lacs which would mean that the assessee was able to explain the source to a certain extent. Therefore, on the given factual matrix, we deem it fit to restore the matter back to the file of Ld. AO with another opportunity to the assessee to prove the source of remaining Rs.20 Lacs. The assessee is directed to substantiate the same. Needless to add that suff ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and at any rate is opposed to the principles of equity, natural justice and fair play. 2. For that the Commissioner of Income Tax (Appeals) failed to appreciate that the order of the Assessing Officer is without jurisdiction. 3. For that the reassessment is bad in law. (Additional Ground) 4. For that the Commissioner of Income Tax (Appeals) failed to adjudicate the grounds raised challenging the validity of reassessment in the instant case. (Additional Ground) 5. For that the Commissioner of Income Tax (Appeals) failed to appreciate that the Assessing Officer erred in invoking the provisions of section 68. 6. For that the Commissioner of Income Tax (Appeals) failed to appreciate that the Assessing Officer erred in adding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Drawing attention to the legal grounds, Ld. AR submitted that the reasons for reopening were not provided to the assessee. The Ld. AR also assailed the additions on merits. The Ld. Sr. DR, on the other hand, justified the reassessment proceedings as well as quantum additions. Having heard rival submissions, our adjudication would be as under. 3.1 The assessee is stated to be a resident individual having retired as an Engineer from Tamil Nadu State Electricity Board in the year 2000- 01. No return of income was filed by the assessee for the year under consideration. The case was reopened pursuant to receipt of information that the assessee deposited cash of Rs.20 Lacs on 29.10.2010 in one of savings bank account held jointly with the spo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the assessee were found to be not cash withdrawals and the same could not be held to be used to make the aforesaid payments of Rs.20 Lacs. Finally, only an amount of Rs.4 Lacs was to be accepted and the balance amount of Rs.16 Lacs was added to assessee s income as unexplained cash credit. 3.3 The assessee held another bank account with Indian Overseas Bank wherein the assessee had made cash deposits of Rs.13.40 lacs and accordingly, the assessee was asked to prove the source of cash deposits. After considering assessee s explanation, Ld. AO held that the amount of Rs.5 Lacs was unexplained cash credit. The legal submissions of the assessee that the money deposited by the assessee would not have the character of income and it was merel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee to prove the source of remaining Rs.20 Lacs. The assessee is directed to substantiate the same. Needless to add that sufficient opportunity of hearing shall be granted to the assessee. 5. The Ld. AR has submitted that reasons to reopen the case have not been provided to the assessee. However, it could be seen that the assessee has asked for reasons only during September, 2021 which is much even after the date of impugned order. The case was reopened as early as during the year 2014. The assessee did not file return of income for the year under consideration. Therefore, in such a case, the only direction that could be given to Ld. AO is to provide the copy of reasons record, if available on record. 6. The appeal stand allo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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