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TMI Blog2022 (12) TMI 581X X X X Extracts X X X X X X X X Extracts X X X X ..... before the appointed day i.e.,dated 31.12.2016. So, the assessee shall not in a violation for receiving SBN as per the Act. In Income tax Act the source was unexplained before the revenue authorities as the evidence was not able to submit before any of the lower authorities by the assessee - we direct to set aside the matter before the ld.AO for necessary verification denovo . Both the revenue and the counsel of the assessee had not made any objection for remanding back the issue before the ld. AO. AO shall provide proper and adequate opportunity of being heard to the assessee in set aside proceedings. Appeal of the assessee allowed for statistical purposes. - I.T.A. No.42/Asr/2021 - - - Dated:- 8-12-2022 - Dr. M. L. Meena, Accou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. That the Ld. A.O. is bound to make correct assessment. 5. That Learned Commissioner of Income Tax ( Appeals) has erred in appreciating that Ld AO passed the Assessment order u/s 144 in haste without giving sufficient and reasonable time to postal department to deliver the reply of commission agent, payee. Alternative Ground :- 6. That if there is any fault of the appellant for receiving any money after demonetization date then that has nothing to do under Income Tax Act, 1961 and no addition is warranted for the same. 7. The order passed by Learned Commissioner of Income Tax (Appeals) is bad-in-law, as well as, on facts. 2. Brief fact of the case is that the assessee depositing the cash during the demonetiz ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sr. DR argued and relied on the order of the ld. CIT(A). The relevant para of the said order is extracted as below: During assessment it is undisputed that the impugned amount mentioned above was deposited into the appellant s bank account in cash. This was claimed by the appellant to have been made by one M/S AD Traders who were commission agents in Mandi Bhagtanwala. When the AO asked for verification of the said deposit and wished to ascertain if the deposits were made in old currency there was no response from the said party. The appellant also did not seek to make any clarifications before the AO. Even during appeal, there is no effort by the appellant to prove the bone fides of this transaction and to provide more details about ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11.2016. The amount was deposited in the bank account. The amount was received before the appointed day i.e.,dated 31.12.2016. So, the assessee shall not in a violation for receiving SBN as per the Act. In Income tax Act the source was unexplained before the revenue authorities as the evidence was not able to submit before any of the lower authorities by the assessee. Considering the factual matrix here we direct to set aside the matter before the ld.AO for necessary verification denovo . Both the revenue and the counsel of the assessee had not made any objection for remanding back the issue before the ld. AO. Needless to say, that the AO shall provide proper and adequate opportunity of being heard to the assessee in set aside proceedings. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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