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TMI Blog2014 (4) TMI 385X X X X Extracts X X X X X X X X Extracts X X X X ..... 07-08 onwards and hence must have maintained books of account - As regards addition of Rs. 5,02,000/-, the AO has observed that vide notice u/s 142(1) dated 22/12/2010, the assessee was asked to explain source of cash and hence assessee did not get sufficient opportunity to explain the deposit particularly when assessment got completed on 27/12/2010 - in order to impart substantial justice to assessee the matter needs to be remitted back – thus, the matter is remitted back to the AO foe fresh consideration – Decided in favour of Assessee. - ITA No. 1963/Del/2013 - - - Dated:- 28-3-2014 - Shri S. V. Mehrotra And Shri A. T. Varkey,JJ. For the Appellant : Sh. A. K. Srivastava, FCA For the Respondent : Smt. Renuka Jain Gupta, CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eal. 5. Ld. Counsel for the assessee submitted that assessee is a small civil contractor belonging to rural area and, therefore, was not aware about the complexities of Income tax proceedings. Ld. Counsel submitted that in A.Y. 2006-07 the provision of sec. 44AD were applied as assessee did not maintain any books of account. However, for the current year assessee has maintained books of account which were duly audited and audit report obtained. Therefore, the provisions of sec. 44AD could not be invoked. 5.1 Ld. Counsel submitted that vide notice u/s 142(1) dated 22/12/2010 assessee was required to produce books of account as is mentioned in the assessment order and the assessment was completed on 27/12/2010. Thus, providing only 5 da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts were only Rs. 15,50,381/- which increased to 58,88,389/- in A.Y. 2007-08 and Rs. 65,85,531/- in A.Y. 2008-09. Therefore, assessee was required to get its account audited from A.Y. 2007-08 onwards and hence must have maintained books of account. As regards addition of Rs. 5,02,000/-, the AO has observed that vide notice u/s 142(1) dated 22/12/2010, the assessee was asked to explain source of cash and hence assessee did not get sufficient opportunity to explain the deposit particularly when assessment got completed on 27/12/2010. 8. Under such circumstances, we are of the considered opinion that in order to impart substantial justice to assessee the matter needs to be restored back to the file of AO for passing the assessment order deno ..... X X X X Extracts X X X X X X X X Extracts X X X X
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