Additions of unexplained money us 68 of it act
This query is : Resolved
14 January 2012
AO has added unsecured Loans as unexplained money, however at the time of scrutiny confirmation letter from parties were submitted.
At the time of appeal additional evidences like bank statements. ITR & Balance Sheets were also submitted. Is it necessary for appellate authority to remand the case to AO or it can be finalize at there end to accept additional evidences.
At the time of appeal additional evidences like bank statements. ITR & Balance Sheets were also submitted. Is it necessary for appellate authority to remand the case to AO or it can be finalize at there end to accept additional evidences.
14 January 2012
The powers of the CIT (Appeals) are co terminus with that of the assessing officer. Therefore, the CIT(Appeals) can admit additional evidences at the time of appeal hearing and can pass a final order with or without considering the additional evidences in a self speaking order.
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