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Income Tax Appellate Tribunal, Hyderabad ‘ SMC ‘ Bench, Hyderabad
Before: Shri S.S. Godara
This assessee’s appeal for the A.Y 2017-18 arise against the CIT(A)-10, Hyderabad’s order dated 10.02.2022 passed in case No.ITBA/REC/F/154/2021-22/10396808649(1) in proceedings u/s 143(3) of the Income Tax Act, 1961(“the Act”).
Heard both the parties. Case file perused.
Coming to the assessee’s sole substantive grievance that both the learned lower authorities have erred in law and on facts in making section 69A unexplained cash deposits addition of Rs.15,04,000/- I find that the instant lis requires more a simultaneous reconciliation of his withdrawals in all bank accounts operated in India.
Learned DR fails to dispute that neither the Assessing Officer nor the CIT (A) has considered telescoping benefit to the assessee regarding his all previous withdrawals vis-à-vis cash deposit in issue. I therefore, deem it proper to restore the assessee’s instant sole substantive grievance back to the Assessing Officer for his fresh adjudication within three effective opportunities of hearing. The assessee shall be at liberty to file all the relevant evidence in consequential proceedings as per law.