|The Tax Publishers2021 TaxPub(DT) 0040 (Del-Trib)
INCOME TAX ACT, 1961
In the absence of clear finding as regards bank account in which alleged cheque was deposited, issue regarding unexplained bank deposits was remanded to AO for verification afresh.
Income from undisclosed sources - Addition under section 68 - Alleged unexplained bank deposits - No clear finding as regards bank account in which alleged cheque was deposited
AO received information from investigation wing as to assessee having routed its own accounted money by way of receipt of Rs. 5 lakhs from M/s 'A' and the same was fully corroborated with cheque No. 030971, dated 30-11-2019. Accordingly, AO reopened assessment and made addition. Held: All the banks have categorically certified that Cheque No. 030971, dated 30-11-2019 had not been cleared/deposited collected by them. AO in the assessment order had also not mentioned anywhere as to in which bank account of assessee, the alleged cheque had been deposited since, as per records available, it was not clear on the aspect of receipt of this amount of Rs. 5,00,000 into the account of assessee. AO was directed to verify the fact with reference to the material. This direction did not entitle Revenue to summon or call for any details from assessee as Revenue already had 10 months from the date of filing of return and 43 months from the date of issue of notice under section 148 at its disposal to come out with the details of deposit.
FAVOUR : Matter remanded.
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