AMAR KESHARWANI,ETAWAH vs. ITO WARD 2(2)(5), ETAWAH

The only effective issue to be decided in this appeal is as to whether the ld NFAC was justified in sustaining the addition made in the sum of Rs 74,91,200/- on account of cash deposits in the facts and circumstances of the instant case.

We have heard the rival submissions and perused the materials available on record. On perusal of the order of the ld NFAC, we find that the assessee had stated that the cash deposits were sourced out of cash sales made by the assessee and recoveries made from sundry debtors. We find that the order of the Learned NFAC to be very cryptic without examining the entire facts of the assessee. Hence, in the interest of justice and fairplay, we deem it fit and appropriate to restore this appeal to file of ld NFAC for de novo adjudication in accordance with law. Needless to mention the assessee be given reasonable opportunity of being heard. The assessee is directed to cooperate with ld NFAC for expeditious disposal of the appeal by not taking unwarranted adjournments. Hence, the grounds raised by the assessee are allowed for statistical purposes.

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