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Income Tax Appellate Tribunal, ‘C/SMC’ BENCH, CHENNAI
Before: SHRI MANOJ KUMAR AGGARWAL, AM
आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2017-18 arises out of the order of learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] dated 17-08-2021 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s.144 of the Act on 12-11-2019. The sole grievance of the assessee is addition of cash deposit and unexplained credit in bank account for Rs.39.01 Lacs.
The registry has noted a delay of 02 days in the appeal, the condonation of which has been sought by Ld. AR. Considering the 2 - period of delay, I condone the delay and admit the appeal for adjudication on merits.
The Ld. AR, at the outset, sought fresh opportunity of hearing since the assessment has been framed on best judgment basis u/s 144. The Ld. Sr. DR pleaded for dismissal of the appeal.
I find that the assessee was saddled with impugned addition since the assessee made cash deposits in certain bank accounts. The assessee failed to explain the source thereof during assessment proceedings as well as during appellate proceedings. The cash deposit during demonetized period for Rs.33.68 Lacs was fully added whereas other cash was deemed to be the turnover of the assessee which was assessed @8%. Aggrieved, the assessee is in further appeal before us.
Accepting the plea of Ld. AR, I restore the issue back to the file of Ld. AO for denovo adjudication with a direction to assessee to substantiate the source of deposit. Needless to add that adequate opportunity of hearing shall be granted to the assessee.
The appeal stand allowed for statistical purposes. Order pronounced on 21st September, 2022.