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ITAT restored matter to CIT(A) to allow AO to comment on evidences
ITAT restored matter to CIT(A) to allow AO to comment on evidences
Assessee filed his return of income. On scrutiny, notices u/s 143(2) (of Income Tax Act, 1961)& 142(1) were issued. AO found discrepancies, and assessee offered additional income voluntarily. AO added unsecured loans u/s 68 (of Income Tax Act, 1961), as asessee could not prove creditworthiness and genuineness of transactions. CIT(A) deleted addition. ITAT restored matter to CIT(A) to allow oppurtunity to AO to comment on evidences filed by various creditors.-500745
1. Assessee filed his return of income declaring total income of Rs.36,74,105.
2. The case was selected for scrutiny and notices u/s 143(2) (of Income Tax Act, 1961)& 142(1) were issued upon the assessee.
3. During the course of survey some discrepancies were found and the in consequence the assessee offered Rs.24,94,613 as income voluntarily.
4. AO framed the assessment u/s 143(3) (of Income Tax Act, 1961) at Rs.56,52,105.
5. AO added unsecured loans of Rs.19,78,000 u/s 68 (of Income Tax Act, 1961), as asessee could not proved the creditworthiness and genuineness of the transactions.
6. CIT(A) allowed the appeal of the assessee.
On appeal, the ITAT held as under:
7. In our opinion the interest of the justice would be met if the AO is allowed an opportunity of being heard to comment on the evidences filed by the various creditors after the date of the assessment order.
8. We therefore without commenting on the merit restore the issue back to the file of the CIT(A) with the direction to allow the reasonable opportunity to the AO to offer his comments on the said letters and take an appropriate decision on the basis of facts before him as per law.
Case Reference - Deputy Commissioner Of Income-ta vs Shri. Kumar U. Ailani.
IN THE INCOME TAX APPELLATE TRIBUNAL "A" BENCH, MUMBAI
BEFORE SHRI SHAILENDRA KUMAR YADAV, JM
AND SHRI RAJESH KUMAR, AM
I.T.A. No. 3401/Mum/2014
(Assessment Year: 2006-07)
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