MR. MOHAN ,CHENNAI vs. ITO , CHENNAI
What did the Tribunal hold?
The Tribunal set aside the orders of the CIT(A) and AO and remitted the matter back to the AO for re-examination. The assessee was directed to substantiate their claims before the AO.
What were the facts?
The assessee made a cash deposit of Rs. 2,00,35,925/- in his savings bank accounts. The Assessing Officer (AO) treated this amount as unexplained cash credit and added it to the assessee's total income. The CIT(A) upheld the AO's addition.
What were the issues?
Whether the cash deposits made by the assessee in savings bank accounts are unexplained cash credits. The need for fresh examination of the issue by the AO.
Which sections of the Income-tax Act were involved?
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, ‘C’ BENCH: CHENNAI
Before: SHRI MANJUNATHA. G & SHRI MANOMOHAN DAS
आदेश / O R D E R
PER MANOMOHAN DAS, J.M:
This appeal by the assessee is directed against the order of the learned Commissioner of Income-Tax (Appeals), National Faceless Appeal Centre, Delhi (CIT(A) dated 16-09-2022 and pertains to the Assessment Year [AY] 2016-17.
The subject matter of the appeal is the cash deposit to the tune of Rs.2,00,35,925/- made by the assessee in his savings bank accounts. The Ld. AO added this amount to the total income of the :- 2 -: assessee vide assessment order dated 20-12-2018 treating it as unexplained cash credit. Being aggrieved, the assessee filed appeal before the learned CIT(A) unsuccessfully. The ld. CIT(A) vide order dated 16-09-2022 dismissed the appeal of the assessee. Thus, the ld. CIT(A) confirmed the addition made by the ld. AO. Being aggrieved, the assessee filed the present appeal before the Tribunal.
We heard the representatives of both the parties and decided to remit the matter to the ld. AO for re-examination and decision afresh to which the ld. DR has no objection. Accordingly, we set aside the order of the ld. CIT(A) dated 16-09-2022 as well as the assessment order dated 20-12-2018 and direct the ld. AO to re-examine the matter afresh and pass an appropriate order thereon. At the same time, we also direct the assessee to substantiate his claims before the ld. AO.
In the result, the appeal of the assessee is allowed for statistical purposes only.
Order pronounced in the open Court on 15th February, 2024.
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