M/S. ADMIRAL FINSTOCK PVT. LTD.,,NEW DELHI vs. ITO, NEW DELHI

Mr. Manish Gupta vehemently argues during the course of hearing that both the lower authorities have rightly added the assessee’s cash deposits during demonetization amounting to Rs. 3,25,01,500/- as unexplained u/s 68 read with Section 115BBE of the Act along with her unsecured loan amounting to Rs. 67.40 lakhs, in assessment order dated 29.12.2019 as upheld in the lower appellate discussion.

Faced with this situation, we hereby note that the CIT(A)/NFAC had sought a remand report from the Assessing Officer on 4.7.2023 in light of the assessee’s additional evidence filed; regarding both the above said issues, in the lower appellate proceedings. The same admittedly never saw light of the day which led the CIT(A)/NFAC to reiterate the assessment findings thereby upholding the impugned additions in the assessee’s hands. That being the case, we hereby deem it appropriate in the larger interest of justice to restore the assessee’s instant appeal back to the CIT(A)/NFAC for its afresh appropriate adjudication after ensuring the Assessing Officer’s compliance to his earlier remand report directions in other issues on legality as well as merits are kept open at this stage.

This assessee’s appeal is allowed for statistical purposes.