Case Law Details
ITO Vs Bhavesh Sureshchandra Shah (ITAT Ahmedabad)
During the assessment proceedings, assessee once appeared before the Assessing Officer and not furnished any details, but only simple letter explaining sufficient cash on hand available in the cash books are deposited in the bank accounts, but no details about the said bank accounts were filed before the A.O. In the absence of the same, the A.O. is not satisfied with the reply filed by the assessee and made the addition of Rs. 2.09 crores as unexplained income u/s. 68 of the Act. The Ld. CIT(A) without calling for a Remand Report from the Assessing Officer, deleted the additions which is against the provisions of law and Rule 46A of the I.T. Rules. Therefore in the Interest of Natural Justice, we deem it fit to set aside the appellate order passed by ld. CIT(A) and remand the matter back to the file of the Assessing Officer to verify the submissions of the assessee with proper records, bank statements and any other relevant evidences. With this observations, the appeal filed by the Revenue is partly allowed for statistical purpose.
FULL TEXT OF THE ORDER OF ITAT AHMEDABAD
This appeal is filed by the Revenue as against the appellate order dated 10.10.2018 passed by the Commissioner of Income Tax (Appeals)-3, Ahmedabad, arising out of the assessment order passed under section 143(3) r.w.s. 147 of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) relating to the Assessment Year (A.Y) 2011-12.
2. The brief facts of the case is that the assessee is an individual who is engaged in trading of cotton bales. For the Assessment Year 2011-12, the assessee filed his original Return of Income on 27.03.2012 admitting total income of Rs.1,54,760/-.
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