Case Law Details
Harish Aswal Vs DCIT (ITAT Delhi)
Ld. Counsel for the assessee submitted that the assessee has submitted all documentary evidences before the authorities below including ledger account of Centurian Bank Account No.442756061 available at page 108 to 138 of assessee’s Paper Book before the AO as well as before Ld.CIT(A) which clearly shows that the impugned amount is the amount rate positive after withdrawals which does not attract provision of section 69C of the Act. Ld. Counsel for the assessee vehemently pointed out that neither the AO nor Ld. CIT(A) has given any credence to this ledger account/bank statement with Centurian Bank which clearly shows withdrawal and re-deposit of impugned amount therefore, this issue may kindly be considered and adjudicated by this Bench. Alternatively, Ld. Counsel for the assessee submitted that if it is found necessary then this documentary evidence alongwith other relevant and substantial evidence of the assessee may kindly be restored to the file of AO for proper verification and examination.
Replying to the above, Ld. Sr. DR strongly opposed the submissions of Ld. Counsel for the assessee. However, in all fairness, Ld. Sr. DR submitted that Department has no serious objection if it is found just and proper to restore the sole ground of assessee to the file of Ld.CIT(A for proper verification and examination of the documentary evidence as relied by the Ld. Counsel for the assessee and other relevant papers pertaining to the issue of addition u/s 69C of the Act.
On careful consideration of the rival submissions, we are of the considered view that neither from the assessment order nor from the order of Ld.CIT(A), it is discernible that the ledger account/bank statement of the assessee with Centurian Bank available at page 108 to 138 of the assessee’s Paper Book have been properly appreciated and verified by the authorities below. Since the bone of the contention of the assessee is that the impugned amount is nothing but re-deposit of the amount which was withdrawn by the assessee from the bank account therefore, no addition is called for u/s 69C of the Act. This issue requires proper examination and verification at the level of authorities below to which Ld. Representatives of both the parties have no objection.
On the basis of for-going discussion, we reached to the conclusion that the sole ground of the assessee on merits requires afresh consideration and adjudication at the level of Ld.CIT(A). Since in the earlier part of this order, we have restored legal grounds to the file of Ld. CIT(A) therefore, sole grounds of the assessee on merits is also restored to the file of Ld.CIT(A) for fresh consideration and adjudication. Ld.CIT(A) is directed to decide all legal grounds on merit of the assessee afresh without being prejudice from the earlier first appellate order. Accordingly, sole ground of assessee on merits is allowed for statistical purposes.
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