9911796707
TMI Blog2022 (12) TMI 1306X X X X Extracts X X X X X X X X Extracts X X X X ..... quires explanation of assessee about the nature and source of acquisition of money and if any explanation offered by the assessee is not satisfactory in the opinion of AO, the money is deemed to be income of the assessee. Admittedly, as discussed above, no explanation was offered by the assessee in the assessment proceedings to the satisfaction of the AO and it is established that the AO framed assessment to the best of his judgment u/s. 144 - Therefore, the provisions u/s. 69A of the Act requires explanation by the assessee and when no such information offered by the assessee, we deem it proper in the interest of justice to remand the matter to the file of AO for its fresh verification. The assessee is liberty to file evidences, if any, in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s engaged in providing accommodation entries to various parties during the F.Y. 2011-12 (A.Y. 2012-13). According to the said investigation that various beneficiaries used to credit amounts into the bank account of the said M/s. Vinayak Traders and very said amounts were withdrawn from the said bank account belonging to M/s. Vinayak Traders and returned to the crediting parties in cash. According to the said information, the assessee before me is one such beneficiary. 6. The said information belonging to the assessee was forwarded to the AO. On an examination of such information, the AO found that the assessee credited an amount of Rs.15,00,000/- to the bank account of M/s. Vinayak Traders, being the assessee as beneficiary, the assessme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nly one bank account and no substantial income was reflected in the said bank account. He submits that the assessee was in small employment deriving very meager amounts as a salary. The ld. AR drew my attention to the bank statement which is at page 2 of the paper book and argued that there are no such entries as recorded by the AO, except the half yearly saving interest credit in the bank account. Further, he vehemently argued the view of AO that the assessee is a beneficiary of M/s. Vinayak Traders transactions is completely misconceived but nowhere the AO found that the assessee is benefited from the transactions of M/s. Vinayak Traders. The AO did not conduct independent enquiry and no details of money trail was discussed in the assessm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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