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TMI Blog2025 (2) TMI 47X X X X Extracts X X X X X X X X Extracts X X X X ..... imperative to set aside the order of the Ld. CIT(A) and restore the appeal to the CIT(A) who shall allow one more opportunity of being heard to the assessee and after considering the reply of the assessee, decide the appeal on the additions upheld by him.
The assessee shall file evidence in his possession to substantiate the claim that the transactions related to the business and also for the relief claimed and the Ld. CIT(A) shall also provide an opportunity of being heard to the Ld. AO as per Rule 46A of the Income Tax Rules, 1962.
Appeal filed by the assessee is allowed for statistical purposes. X X X X Extracts X X X X X X X X Extracts X X X X ..... unts are from business transactions. Accordingly the assessment has been completed by the AO treating income @6.16% (as disclosed by assessee itself) on the undisclosed business transaction of accounts of Rs. 1,38,19,485/-. Further the deposits in Andhra Bank (appearing at SI No. 4 &5) were treated as unexplained deposit. The Ld. CIT(A) erred in this also." 2.1. The assessee has also filed a letter dated 04.04.2024 addressed to the Tribunal stating that the appeal was filed u/s 143(3)/144C of the Act by mistake whereas it should have been filed u/s 143(3) of the Act only and has requested for treating the appeal as filed against the order u/s 143(3) of the Act and allow relief to the assessee. 3. Brief facts of the case as culled out from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... est credited, which had already been offered to tax and an addition of Rs. 37,37,774/- was made. In respect of the 2nd account in Andhra Bank, total deposits during the year at Rs. 44,200/- were treated as income and added to the total income. Aggrieved with the assessment order, the assessee filed an appeal before Ld. CIT(A) who called for the remand report from the Ld. AO. In the remand report, the Ld. AO mentioned that in the later part of the order sheet, the assessee accepted that source of deposits in Andhra Bank bearing Sl. Nos. 4 and 5 was not explained. Accordingly, the assessment was completed by the Ld. AO treating the income @ 6.16% on the undisclosed business transactions of accounts. Even at the remand report stage no complian ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hra Bank, the entire deposits were added. The assessee has contended in the grounds of appeal that the Ld. AO failed to issue a show cause notice before making huge additions and adequate opportunity was not provided. No reply on the remand report was filed before the Ld. CIT(A) as well. Therefore, in the interest of justice and fair play it is considered to imperative to set aside the order of the Ld. CIT(A) and restore the appeal to the Ld. CIT(A) who shall allow one more opportunity of being heard to the assessee and after considering the reply of the assessee, decide the appeal on the additions of Rs. 37,37,774/- and Rs. 44,200/- upheld by him. The assessee shall file evidence in his possession to substantiate the claim that the transac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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