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Income Tax Appellate Tribunal, ‘C’ (SMC
Before: SHRI GEORGE MATHAN]
आदेश / O R D E R
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.
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Shri. S. Sridhar represented on behalf of the assessee and 2. Shri. V. Nandakumar represented on behalf of the Revenue.
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.
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Assessing Officer for readjudication after granting the assessee adequate opportunity to substantiate his case.
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.