Ananda Reddy Nagaraja Reddy Vs ITO (ITAT Bangalore)
AO has made the addition of Rs.2,24,37,380 towards capital introduction for want of proper evidence. The ld. FAA has given ample opportunities, however there was no compliance from the assessee’ s side. Therefore he dismissed the appeal. The ld. AR submitted that the amount contributed is out of his own capital, but this fact has not been verified for want of proper evidence. Considering the prayer of the assessee and in the interest of justice, we remit the issue to the Assessing Officer for fresh consideration and decision as per law, subject to payment of costs of Rs. 10,000/- (Rupees Ten Thousand Only). The assessee is directed to file necessary documents that would be essential and required for substantiating his case and for proper adjudication by the revenue authorities. Needless to say that reasonable opportunity of being heard be given to the assessee. The assessee is directed to cooperate with the proceedings and in case of further default, the assessee shall not be entitled to any leniency.
FULL TEXT OF THE ORDER OF ITAT BANGALORE
This appeal is filed by the assessee against the order dated 22.07.2024 of the CIT(Appeals), National Faceless Appeal Centre, Delhi [NFAC], for the AY 20 14-15.
