₹12.71L Unexplained Investment and ₹3.63L Expense Disallowance: ITAT Remands to AO for Fresh Adjudication after Considering Newly Filed Evidence [Read Order]
The ITAT observed that the assessee had submitted relevant documentary evidence for the first time before the Tribunal, including purchase and sale deeds, bank statements, and financial records, which were not previously examined by the AO or CIT(A).
Unexplained Investment - Taxscan
Unexplained Investment - Taxscan
The Nagpur bench of Income Tax Appellate Tribunal restored the matter relating to ₹12.71L unexplained investment and ₹3.63L expense disallowance after considering the newly filed evidence.
In this case, the AO has made the additions of Rs. 12,71,730/- being ‘unexplained investment’ and Rs 3,63,000/- being ‘disallowance of expenses’ in the absence of documentary evidence, such as, bills and vouchers, bank statements evidencing payments etc.
The assessee Pratik Yogesh Jaiswal, being aggrieved, though challenged the said additions by filing the first appeal before the Commissioner; however, despite affording various opportunities and/or issuing various notices, eventually made no compliance and, therefore, in the constrained circumstances, the Commissioner dismissed the appeal of the assessee. The assessee, aggrieved by this addition, filed an appeal before the Tribunal.
The tribunal observed that the assessee in support of his claim, filed various documents, such as a written statement, a copy of the purchase deed dated 14/10/2015, a copy of the sale deed dated 22/04/2015, a bank statement, an income tax return of Mr Yogesh Jaiswal and a financial statement before the Tribunal. The Tribunal opined that all these documents need to be examined by the AO.
The single bench of Narender Kumar Choudhry (Judicial Member) directed the AO to consider the matter afresh.
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