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TMI Blog2021 (1) TMI 70X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee during the appellate proceedings and non-furnishing of any cogent evidence to establish the transactions to be genuine. From the facts of the case it is further apparent that the assessee was not able to explain the source for the cash deposit before the Ld. Revenue Authorities by drawing proper accounts. Moreover, we find that the assessee was taking different stand before the Ld. AO and the Ld. CIT(A) during the course of the proceedings before them. In this situation we do not find much merit in the submission of the Ld. AR. Considering the financial position of the assessee and the nature of his business, in the interest of justice, we find it appropriate to remit the entire matter back to the file of the ld. AO for fresh cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nk accounts. Aggrieved by the order of the Ld. CIT(A) the assessee is now in appeal before us. 4. During the course of assessment proceedings, it was observed by the Ld. AO, based on the information received from the Revenue Department, that the assessee had deposited cash in his IDBI Bank Account for ₹ 87,89,900/- during the relevant previous year. On query, it was explained that the assessee had opened the bank account on the request of his friend Sri G. Srinivas C/o. Choudhary Medicals, 3rd Lance, Pandaripuram, Guntur and thereafter the assessee was not aware of the transactions made in those bank accounts. The assessee further requested 15 days' time to furnish the details of the bank transactions and to produce his friend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re no other bank transactions in the relevant previous year. It was further submitted that in the similar manner another loan of ₹ 60 lakhs were obtained from IDBI bank and the same was also instantly transferred to his friend Sri Thoram Venkateswara Rao. With respect to the addition made for ₹ 6,38,550 it was submitted before the Ld. CIT(A) that the amount was part of total contractual receipt from GHMC of ₹ 35,17,806 which was deposited in the bank account. The assessee had also submitted an affidavit from Sri Thoram Venkateswara Rao as additional evidence. The Ld. CIT(A) had sought a remand report from the Ld. AO in order to examine the veracity of the affidavit and the cash deposited in the SBI account. In the remand r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Court Judgment in the case of CIT vs. Victor Electrodes (Delhi) 329 ITR 271 7. The Ld. AR further argued stating that the loan amount obtained by the assessee was extended to his friend and the same was subsequently returned by his friend by depositing the same in his bank account and these transactions are genuine. The Ld. AR further submitted that, on realizing that the assessee's friend had cheated the assessee he had filed a case before the Third Additional Chief Metropolitan Magistrate, Hyderabad against his friend, however the complaint was not registered. Therefore, the assessee filed a Writ Petition before the AP High Court in W.P. No. 40814/16 and the Learned Singly Judge had directed the SHO, SR Nagar, Hyderabad to registe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re the Ld. Revenue Authorities by drawing proper accounts. Moreover, we find that the assessee was taking different stand before the Ld. AO and the Ld. CIT(A) during the course of the proceedings before them. In this situation we do not find much merit in the submission of the Ld. AR. However, considering the financial position of the assessee and the nature of his business, in the interest of justice, we find it appropriate to remit the entire matter back to the file of the ld. AO for fresh consideration in order to provide one more opportunity to the assessee to effectively pursue his case. Accordingly, we hereby remit the matter back to the file of the Ld. AO with direction to examine the issue afresh admitting any evidence filed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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