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| The Tax Publishers2020 TaxPub(DT) 1945 (Del-Trib) INCOME TAX ACT, 1961
Section 143(3)
AO had not given independent finding of the fact whether sale of jewellery by assessee was a genuine transaction or not. Accordingly, matter was remanded to AO and AO was directed to verify evidences produced by assessee and to examine sale of jewellery and decide the issue afresh in accordance with law.
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Assessment - Addition to income - Alleged bogus transaction relating to sale of the jewellery - No independent finding of the fact recorded by AO
AO based on the facts gathered by investigation wing held that accommodation entry was provided against cash paid by assessee which was undisclosed income of assessee and alleged transaction relating to sale of the jewellery in the present case was not genuine. Held: AO had not given independent finding of the fact whether sale of jewellery by assessee was a genuine transaction or not. Accordingly, matter was remanded to AO and AO was directed to verify evidences produced by assessee and to examine sale of jewellery and decide the issue afresh in accordance with law.
REFERRED : Anil Kumar Bansal and Nagar Mal Bansal [2018 (5) TMI 1991 - ITAT DELHI]
FAVOUR : in assesse,s favour
A.Y. :
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