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| The Tax Publishers2019 TaxPub(DT) 7598 (Chd-Trib) INCOME TAX ACT, 1961
Section 69
Though assessee pleaded that cash found during search belonged to sister and brother-in-laws of assessee, and father-in-law, however, AO ought to have not disbelieved version of assessee without any analysis. Assessments of these persons were also with AO and AO ought to have appraised himself status of cash flow in books of these persons, and how they have owned up the cash in their accounts. Therefore, matter was remanded back to AO for re-adjudication.
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Income from undisclosed sources - Addition under section 69 - Cash found during search - AO rejected assessee's explanation without any analysis
During the course of search, cash was found at assesse's premises. assessee, explain that cash belonged to sister and brother-in-laws of assessee, and father-in-law. AO rejected this and made addition.Held: Though assessee, explain that cash belonged to sister and brother-in-laws of assessee, and father-in-law, however, AO ought to have not disbelieved version of assessee without any analysis. Assessments of these persons were also with AO and AO ought to have appraised himself status of cash flow in books of these persons, and how they have owned up the cash in their accounts. Therefore, matter was remanded back to AO for re-adjudication.
REFERRED :
FAVOUR : Matter remanded.
A.Y. : 2011-12
IN THE ITAT, CHANDIGARH BENCH
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