Full News
Additional evidences of unexplained cash produced by assessee admitted by ITAT
Additional evidences of unexplained cash produced by assessee admitted by ITAT
Has AO made addition to your income relating to old AY ? Is CIT(A) of no help ? Don't worry my friend, ITAT is there to help you. In present case, assessee produced evidences of cash receipts from old debtors in front of ITAT and as a result ITAT remanded case back to AO to be dealt with as per law in light of fresh evidences produced by assessee.-501516
Facts in brief:
1. Assessing Officer noticed that there were some fresh deposits of Rs.17 lacs in the saving bank account of the assessee with Bank of Baroda.
2. Assessing Officer made addition of Rs.17 lacs under section 69A of the Act.
3. On appeal CIT (Appeals) held, assessee did not file accounts of the debtors and in the absence of any such information, he held that it cannot be said that the source of cash deposits was in fact, the money received from the debtors. In this way, the addition was sustained by the learned CIT (A). On appeal ITAT held,
4. The learned CIT (Appeals) had confirmed the addition in the absence of copy of accounts of debtors and bills. In view of this, we observe that these evidences now filed before us, goes to the root of the issue involved and since the documents related to an old period, it can also be accepted that the assessee took time in compiling the same.
5. In the interest of justice, we are inclined to admit these additional evidences and send the matter back to the file of the Assessing Officer to adjudicate the issue in view of these evidences and explanation given by the assessee and decide the appeal as per law. Needless to add that the assessee be given a proper and adequate opportunity of being hear.
6. In the result, the appeal of the assessee is allowed for statistical purposes.
