A.Narayanaswamy, Chennai vs Assessee

अपीलाथ क ओर से / Appellant by : Shri. B. Ramanakumar, Advocate यथ क ओर से / Respondent by : Dr. Nischal, JCIT.

सन ु वाई क तार ख/Date of hearing : 26.03.2015 घोषणा क तार ख /Date of Pronouncement : 26.03.2015

आदे श / O R D E R

PER CHANDRA POOJARI, ACCOUNTANT MEMBER

This appeal by the assessee is directed against the order of

the Commissioner of Income Tax (Appeals)-V, Chennai, dated

02.09.2014.

:- 2 -: I.T.A.No2928/Mds/2014.

2. The assessee's grievance in this appeal is with regard to addition

of C22,74,860/- u/s. 68 of the Income Tax Act.

3. The brief facts of the case are that the assessee had

electronically fiked his income tax return for the assessment year

2010-11 declaring his income of C4,20,590/-. The case was selected

for scrutiny through CASS and notices under section 143(2) and 142(1)

were issued. The Assessing Officer completed the assessment

u/s.143(3) determining the total income at C26,95,450/- by adding the

cash deposit of C22,74,860/- as unexplained income. The Assessing

Officer has also levied interest u/s. 234A, 234B and 234C amounting to

C1,02,760/-, C2,64,240/- and C1,455/- respectively. Aggrieved, the

assessee preferred an appeal before the Commissioner of Income Tax

(Appeals). The Commissioner of Income Tax (Appeals) vide order

dated 02.09.2014 confirmed the above addition. Against this, the

assessee is in appeal before us.

4. We have heard both the parties and perused the material on

record. The ld. Counsel submitted that the assessee is a senior citizen

deriving income from ''House Property''. There is sufficient cash

balance on hand and same was deposited into his bank account and

there is no unexplained investment or unexplained credit. He :- 3 -: I.T.A.No2928/Mds/2014.

submitted that the assessee could explain every transaction in bank

account if proper opportunity of hearing is given to the assessee by

the Assessing Officer. We are inclined to consider this request of

assessee's counsel. Accordingly, we remit the disputed issue to the file

of the Assessing Officer with the direction to give one more

opportunity to the assessee to present his case. Further, we also

direct the assessee to place full particulars of financial statements

and other evidence to support his case and thereafter, the Assessing

Officer shall consider the same after giving adequate opportunity of

hearing to the assessee.

5. In the result, the appeal of the assessee in ITA

No.2928/Mds/2014 is partly allowed for statistical purposes.

Order pronounced in the open court at the time of hearing on Thursday, the 26th of March, 2015 at Chennai

Sd/- Sd/-

(च ला नागे !साद ) (चं पज ू ार ) (CHALLA NAGENDRA PRASAD) (CHANDRA POOJARI) या"यक सद य/ JUDICIAL MEMBER लेखा सद य/ ACCOUNTANT MEMBER चे$नई/Chennai. %दनांक/Dated:26.03.2015. KV

आदे श क त(ल)प अ*े)षत/Copy to: 1. अपीलाथ /Appellant 2. यथ / Respondent 3. आयकर आयु,त (अपील)/CIT(A) 4. आयकर आयु,त/CIT 5. )वभागीय त न/ध/DR

6. गाड फाईल/GF.

:- 4 -: I.T.A.No2928/Mds/2014.