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| The Tax Publishers2021 TaxPub(DT) 0775 (Bang-Trib) INCOME TAX ACT, 1961
Section 68
Where against addition made under section 68, assessee had filed a letter in which the complete details of cash withdrawals and deposits from various banks were furnished, but the same was neither examined nor considered by CIT(A) also, in the interest of justice and equity, matter was resorted to the file of AO for consideration afresh.
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Income from undisclosed sources - Addition under section 68 - Source of cash deposits in savings bank account duly explained -
Assessee filed appeal against addition made by AO under section 68 on account of no source of cash deposit in his savings bank account which was also confirmed by CIT(A).Held: Assessee had filed a letter in which the complete details of cash withdrawals and deposits from various banks were furnished. He had also submitted the details of proprietary concern, where turnover for the concerned assessment year was deposited in different bank accounts and periodical withdrawals were partly used for deposit in the saving bank account maintained by the assessee. The above details were filed before CIT(A), but the same was neither examined nor considered. Thus, in the interest of justice and equity, matter was resorted to the file of AO for consideration afresh.
REFERRED :
FAVOUR : In favour of assessee.
A.Y. : 2014-15
IN THE ITAT, BANGALORE BENCH
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