E.GOWRI MAHESH KUMAR,CHENNAI vs. ACIT, COIMBATORE

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ITA 1568/CHNY/2015Status: DisposedITAT Chennai17 May 2017AY 1997-983 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal granted the assessee one more opportunity to substantiate their case by producing additional evidence. The issues were restored to the Assessing Officer for readjudication.

What were the facts?

The assessee appealed against additions made by the Assessing Officer under Section 68 for cash credits of Rs. 12,50,000 and Rs. 2,00,000. The assessee requested one more opportunity to produce evidence before the Assessing Officer, claiming inadequate opportunities were given.

What were the issues?

Whether the assessee was provided with adequate opportunities to present evidence for cash credits, and if a further opportunity should be granted.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ‘C’ (SMC

Before: SHRI GEORGE MATHAN]

For Respondent: Shri. V. Nandakumar, IRS, JCIT

आदेश / O R D E R

1.

This is an appeal filed by the assessee against the order of the ld. Commissioner of Income Tax (Appeals)-3, Coimbatore, in appeal No.156C/2007-08, dated 31.03.2015 for the assessment year 1997-1998.

ITA No. 1568/Mds/2015 :- 2 -:

Shri. S. Sridhar represented on behalf of the assessee and 2. Shri. V. Nandakumar represented on behalf of the Revenue.

3.

It was submitted by the ld. Authorised Representative that two additions were made by invoking the provisions of Sec. 68 of the Income Tax Act, 1961 (in short ‘’the Act’’). First one, for an amount of �12,50,000/- which was received by the assessee from M/s. First Realty through cheques drawn on Union Bank of India, Malleswaram.

The second was an addition of �2,00,000/- representing an advance received for the sale of land. It was submitted that the assessee may be granted one more opportunity to produce evidences before ld. Assessing Officer to explain the cash credits. It was submitted that adequate opportunities was not been granted to the assessee.

In reply, the ld. Departmental Representative did not raise 4. any serious objections.

I have considered the rival submissions. As it is noticed that 5. assessee is in possession of additional evidences for proving the claim of cash credits, in the interest of natural justice, I am of the view that the assessee should be granted one more opportunity to substantiate his case. The issues in the appeal are restored to the file of the ld.

ITA No. 1568/Mds/2015 :- 3 -:

Assessing Officer for readjudication after granting the assessee adequate opportunity to substantiate his case.

6.

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

Order pronounced in the open court at the time of hearing on Wednesday, the 17th day of May , 2017, at Chennai.

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