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| The Tax Publishers2020 TaxPub(DT) 0666 (Del-HC) INCOME TAX ACT, 1961
Section 68
Since Tribunal restored issue to AO for deciding the merits of issue of addition under section 68 afresh with the direction to assessee to produce all the documents before AO and assessee was to be afforded sufficient opportunity of hearing, therefore, CIT(A) was directed to deal with all grounds raised by assessee while deciding the said appeals, except those issues which have been concluded by Tribunal.
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Income from undisclosed source - Addition under section 68 - Identity and creditworthiness of transaction -
Assessee had preferred this appeal to assail the order passed by Tribunal who decided certain issues raised before it by assessee. However, in view of the contradictory claims regarding the filing of documentary evidences in support of identity and creditworthiness of the payers and genuineness of the transaction, in the interest of justice, Tribunal restored the issue to the file of AO for deciding the merits of the issue of addition under Section 68. Held: Tribunal restored the issue to AO for deciding the merits of issue of addition under section 68 afresh with the direction to assessee to produce all documents before AO. The order further permitted the AO to carry out enquiries which are deemed fit in the facts and circumstances of the case, including inquiries from banks of parties transacted. Assessee was to be afforded sufficient opportunity of hearing. Therefore, CIT(A) was directed to deal with all grounds raised by assessee while deciding the said appeals, except those issues which have been concluded by Tribunal.
REFERRED :
FAVOUR : Directions issued
A.Y. :
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