Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (7) TMI 173 - ITAT DELHIAddition u/s 68 - cash deposit in bank account - HELD THAT:- It is pertinent to note that the assessee has not maintained books of account and it’s an admitted position. The other relevant fact is that the assessee has not mentioned the agricultural income while filing the returns. But during the course of assessment proceedings, the assessee produced the evidence of holding of agriculture land and confirmation from brother regarding receipt on 02.03.2013 as share in the agriculture income of HUF. As regards to explanation the same was submitted as family savings by the assessee. These aspects were not at all taken into account by the Assessing Officer as well as by the CIT(A). The contention of the Assessee that in absence of maintenance of books of accounts, no addition can be made u/s 68 of the Act on account of cash deposit in bank account, appears to be correct as the assessee is not maintaining any books as mentioned in Section 68 - assessee has given the details of cash deposits to the Assessing Officer as well as the same was produced before the CIT(A), but both the authorities ignored the same and sustained the addition under Section 68 of the Act which is not as per the provisions of the said Section. Deduction under section 54F - HELD THAT:- The assessee has filed a paper book consisting documents as additional evidence, which developed and possessed by the assessee post passing of order by CIT(A) on 24.01.2018. The assessee has filed affidavit along with application under Rule 29 of the Income Tax (Appellate Tribunal) Rules, 1963 along with the documents such as NOC from original Applicant to developer to include Balwant Singh as Joint owner & also undertaking from new applicant along with detail of changes in the allottee/applicants. These documents were not before the Revenue authorities. Therefore, it will be appropriate to remand back this issue to the file of the Assessing Officer for proper verification and after verifying the same to decide whether the claim of the assessee is tenable or not - Appeal of the assessee is partly allowed for statistical purpose.
|