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2014 (9) TMI 116 - AT - Income TaxUnexplained, unverifiable and undisclosed income u/s 68 – Held that:- How the information has been initially blocked and thereafter made available only as a result of the appeal before the CIC there can be no two opinions that justice has not been done - The actions of the AO in mis-recording suppressing and thereafter obstructing necessary flow of information namely receipt of reply received by a director does not speak well of the manner in which the proceedings have been conducted –there was no reason to believe that the reply has not been followed up with appropriate action however the fact remains that in the facts of the present case justice has not been done - The tax collecting authority is presumed to act fairly and transparently while exercising its quasi-judicial powers. Though numerous arguments on facts have been raised by the assessee in regard to statement of unconcerned persons relied upon in regard to the functioning of the assessee from a specific place and ignoring the statements of concerned persons furnished in response to information sough u/s 133(6) or in regard to the legal consequences qua the genuineness of empowering a specific person to operate the bank accounts on behalf of the Directors – revenue has relying on the order mainly confined himself to stating that he has no objection if the issue is restored - it is not appropriate to address the arguments at any stage any view expressed now would pre-decide the issue wherein both sides have not advanced their argument - it is appropriate to set aside the order and the matter id remitted back to the AO for fresh adjudication – Decided in favour of Assessee.
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