2013 (12) TMI 634

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....t's case, the ld.CIT(A) has grossly erred in dismissing Ground No.1 of the appellant's appeal challenging the very validity of the assessment order impugned before him, on the ground that it was general in nature. He ought to have appreciated inter alia that in the peculiar facts and circumstances of the appellant's case, there being no warrant or justification for making the huge addition of Rs.44,24,500 in the appellant's hands u/s.68, the assessment order clearly deserved to be quashed." 3. The learned counsel for the assessee submitted that the assessee is merely an employee of the family business concern and the amount credited in the bank account of the assessee are transferred to the family members of the directors of the business....

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....ere transferred to the bank account of S/Shri Chimanlal Jamnadas Sheth and Ketan Sheth, directors of the business concern. The assessee admittedly was an employee of the business concern in which these two persons, viz. S/Shri Chimanlal Jamnadas Sheth and Ketan Sheth were directors for the period relevant to the assessment year 2009- 2010 in appeal before the Tribunal. The learned counsel for the assessee submitted that the assessee is in a position to show that the amounts credited by the employer/their family members were transferred from the bank account of the assessee to the bank account of the directors/family members of the business concern, and that the bank account in the name of the assessee is merely a benami account. We find tha....

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....ly to a specific query by the Bench could not tell that whether any action in the case of real owners of the amounts was taken by the department. The facts and circumstances before us being identical with the facts of the assessee for the earlier A.Y.2007-2008, and there being no valid reasons to take a different view, we are of the opinion that it shall be fair to both the parties that the issue before us is restored to the file of the AO with direction to verify the entries in the bank account of assessee with the bank accounts of S/Shri Chimanlal Jamnadas Sheth and Ketan Sheth or any other family members of the directors of the business concern, and in case, the amount in the bank account of the assessee has been transferred to the bank ....