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| The Tax Publishers2020 TaxPub(DT) 3208 (Jp-Trib) INCOME TAX ACT, 1961
Section 68
Where assessee explained source of cash deposit in bank account to be advance received from buyers of agricultural land and AO treated the same as unexplained credit under section 68 on the ground of assessee's failure to produce original sale agreement, matter was remanded to AO to examine assessee's plea that assessee had been able to obtain original sale agreement which could not be produced earlier as same was with buyers.
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Income from undisclosed sources - Addition under section 68 - Cash deposits in bank account -
AO received information regarding cash deposit of Rs. 25,00,000 by assessee in his bank account maintained with SBI. Assessee explained source of cash deposit to be advance received from buyers of agricultural land. AO treated the same as unexplained credit under section 68 on the ground of assessee's failure to produce original sale agreement. Assessee submitted that assessee had been able to obtain original sale agreement which could not be produced earlier as same was with buyers. Held: Matter required fresh examination and was accordingly set-aside to AO to examine the same afresh after providing reasonable opportunity to assessee.
REFERRED :
FAVOUR : matter remanded
A.Y. :
IN THE ITAT, JAIPUR BENCH
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