Case Law Details
Hari Chand Vs ITO (ITAT Amritsar)
Brief fact of the case is that the assessee deposited cash in the bank account amount to Rs.90,17,000/-. The assessee claimed that the amount was received from sale of the property. The said amount, which was deposited in PNB, Phillaur Branch, bearing a/c no. 0384000105228751. The ld. AO had assessed the said amount as unexplained cash deposit and addition was confirmed u/s 69A of the Act. During the assessment, further the addition was made on undisclosed interest income amount to Rs.60,996/- with the total income of the assessee. Aggrieved assessee filed an appeal before the ld. CIT(A). The ld. CIT(A) after considering the submission of the assessee upheld the order of the ld. AO. Being aggrieved, the assessee filed the appeal before us.
The issue was grabbed up such a way that the revenue is claiming that the registered deed is duly showing the consideration Rs.24,65,000/- related to sale of property. Whereas the assessee deposited cash in the bank account amount to Rs.90,17,000/-. The addition of interest amount to Rs.60,996/- was agitated by the assessee before the bench. The ld. AR argued that the addition of cash deposit is lack of verification by the revenue authorities, before the appeal and assessment stages. In fact, the said appeal is lack of verification from end of revenue. With consent of both the parties, the matter is remitted back to the ld. AO for further adjudication de novo. Needless to say, the assessee should get a reasonable opportunity of hearing in the setting aside proceeding. We adjudicate the Amended Ground No-4 first. The rest of the grounds are remained only for academic purposes.
FULL TEXT OF THE ORDER OF ITAT AMRITSAR
The instant appeal of the assessee was filed against the order of the ld. Commissioner of Income Tax (Appeals) -2, Jalandhar,[in brevity the ‘CIT (A)’] order passed u/s 250 (6) of the Income Tax Act 1961, [in brevity ‘the Act’] for A.Y. 2011-12.The impugned order was emanated from the order of the ld. Income Tax Officer, Ward-2, Phagwara, [in brevity ‘ the AO’] order passed u/s 144/147 of the Act.
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