|The Tax Publishers2021 TaxPub(DT) 0187 (Hyd-Trib)
INCOME TAX ACT, 1961
Where assessee had not properly cooperated before Revenue Authorities in their proceedings and further, though assessee had submitted certain bank statements, the entire transaction remains to be properly explained and Revenue Authorities have also not made any finding with respect to the bank statements produced before them, moreover, assessee was taking different stand during the course of the proceedings, therefore, matter was remanded back to AO for fresh consideration.
Income from undisclosed sources - Addition under section 68 - Unexplained cash deposits -
Assessee was engaged in the profession as Electrical Contractor. AO made an addition being the unexplained cash deposited in his bank accounts. Even after several reminders, assessee failed to comply with the directions of AO in order to explain the cash deposit. On appeal, CIT(A) confirmed the order of AO because even before him, assessee had not fully explained the source for the cash deposit in the bank accounts. Held: Assessee had not properly cooperated before Revenue Authorities in their proceedings. Further, though assessee had submitted certain bank statements, the entire transaction remains to be properly explained. Revenue Authorities have also not made any finding with respect to the bank statements produced before them. CIT(A) had made a detailed finding in his order with respect to the non-cooperation of the assessee during the appellate proceedings and non-furnishing of any cogent evidence to establish the transactions to be genuine. Moreover, assessee was taking different stand before AO and CIT(A) during the course of the proceedings. Therefore, matter was remanded back to AO for fresh consideration.
Relied:CIT v. TI & M. Sales Ltd. (1987) 166 ITR 93 (SC) : 1987 TaxPub(DT) 1455 (SC), Mehta Parikh & Company v. CIT 1956 TaxPub(DT) 171 (SC), CIT v. Dwarkadhish Investment (P) Ltd. (2011) 330 ITR 298 (Del) : 2011 TaxPub(DT) 374 (Del-HC), CIT v. Victor Electodes Ltd. (2010) 329 ITR 271 (Del) : 2010 TaxPub(DT) 1927 (Del-HC) and Dy. CIT v. JSW Ltd. & (Vice-Versa) ITA No. 6264/M/2018 and 6103/M/2018 for assessment year 2013-14 order dt. 14th May 2020 : 2020 TaxPub(DT) 2142 (Mum-Trib).
FAVOUR : Matter remanded.
A.Y. : 2011-12
IN THE ITAT, HYDERABAD BENCH
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