TANU PRASAD PHUKAN ,NAZIRA vs. ASSESSMENT UNIT (NAFAC), DELHI

At the outset, the ld. Counsel for the assessee submitted that the addition made by the ld. AO and confirmed by the ld. CIT (A) are on account of various FDRs and other deposits by the assessee which were admittedly out of retirement benefits received by the assessee upon retirement. The ld. AR stated that all the evidences qua the retirement benefits received were furnished before the ld. AO as well as before the ld. Commissioner of Income-tax (Appeals), however,

The ld. DR on the other hand fairly conceded that the assessee may be granted one more opportunity.

After hearing the rival contentions and perusing the materials available on record, we are of the view that the additions were made towards money which the assessee has received out of the retirement benefits. In our opinion, the issue needs verification at the end of the ld. AO and consequently, we restore the appeal to the file of the ld. AO with a direction to decide the same after affording reasonable opportunity of being heard to the assessee.

In the result, the appeal of the assessee is allowed for statistical purposes.