2014 (10) TMI 1062

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..... days. However, the revenue has not filed any petition explaining the reasons for the delay. Though the registry has sent a defect memo in this regard, yet the same has not been rectified so far. Under these circumstances, we have no other option but to dismiss the Cross objection in limine, as unadmitted. 3. In the appeal filed by the assessee, six grounds have been taken. However all of them are directed against a single issue, i.e., with regard to the validity of additions made u/s 68 of the Act. 4. The facts relating to the issue are stated in brief. The assessee is engaged in the business of trading in engineering tools, hardwares etc. He filed his return of income for the year under consideration on 30-3-2010 declaring a total incom .....

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..... assessed the same accordingly. 5. The AO also noticed that the assessee has maintained another account with Karnataka Bank, wherein the aggregate deposits made was found to be Rs.12.91 lakhs and the aggregate withdrawals made was Rs.9,40,000/-. The AO treated the difference between the deposits and withdrawals, viz., Rs.3,51,000/- as unexplained cash credit u/s 68 of the Act and assessed the same accordingly. 6. In the appellate proceedings before Ld CIT(A), the assessee furnished the names and addresses of the parties from whom, he has claimed to have received funds. Hence, the Ld CIT(A) called for a remand report from the assessing officer. Though the assessing officer sent a remand report, it was not complete and in the mean time he wa .....

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..... unts. Accordingly, we set aside the order of Ld CIT(A) on these two issues and restore them to the file of the assessing officer with the direction to examine them afresh after affording necessary opportunity of being heard to the assessee and take appropriate decision in accordance with the law. However, we prefer to set time frame for completion of the assessment. Accordingly, we direct the assessing officer to complete the assessment within three months from the date of receipt of this order. The assessee is also directed to fully co-operate with the assessing officer in completing the assessment by furnishing all the details that may be called for and by producing the parties as may be required by the assessing officer. 8. In the resul .....

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