PRAVEEN KUMAR.E,CHENNAI vs. ITO NON CORPORATE WARD 17(3), CHENNAI

Mr.Ramakrishnan Murali,C.A represented on behalf of the Assessee, and Mr.AR.V.Sreenivasan, JCIT D.R represented on behalf the of the Revenue.

It was submitted by ld.A.R that the assessee is an employee and on account of sale of immovable property by the assessee’s sister, who was unwell and did not have a bank account. In view of the same, cash deposit in respect of sale proceeds of immovable property had been routed through assessee’s bank account. It was a submission that the return in the case of assessee’s sister, Mrs.E.Kavitha, had been filed after the relevant assessment year. It was submitted that the ld. Assessing Officer did not accept the contention of assessee and had treated the financial transaction shown in the bank account of assessee as unexplained cash credit u/s.69 of the Act in the hands of assessee. It was a submission that the assessee has no objection, if the appeal of assessee is disposed off by restoring the issue to the file of ld. Assessing Officer for re-adjudication and that the assessee would be in a position to produce all evidences to substantiate his case before the ld. Assessing Officer. It was a submission that the Ld.CIT(A) had dismissed his appeal on account of limitation.

In reply, ld.D.R submitted that he had no objection, if the issue raised in his appeal is restored to the file of ld. Assessing Officer for re-adjudication subject to the condition that the assessee should co-operate in the set aside proceedings.

We have considered the rival submissions. As it is noticed that the appeal of assessee before the Tribunal is on account of fact that the appeal of assessee before the Ld.CIT(A) has been dismissed on the ground of limitation, and the assessee has prayed for seeking another opportunity to represent his case before ld. Assessing Officer and the assessee has prayed to undertake that he can co-operate with set aside proceedings, if an opportunity is given to the assessee to produce all the evidences before the ld. Assessing Officer. Considering the interest of justice and fair play, the appeal of assessee is disposed off and the issues raised in the appeal are restored to the file of ld. Assessing Officer for re-adjudication after granting the assessee adequate opportunity of being heard. Appeal of assessee in is partly allowed for statistical purposes.

As the appeal of the assessee has already been disposed off, the Stay Petitions filed by the assessee in SP No.138/CHNY/2018 have become infructuous.

In the result, the appeal of the assessee is partly allowed for statistical purposes, and the Stay Petition of assessee is dismissed as infructuous.

Order pronounced in the open court after conclusion of hearing on 18th May, 2018, at Chennai.