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2018 (4) TMI 1938 - ITAT CUTTACKUnexplained cash credit - addition u/s.68 - advance received against sale of shares unexpalined - assessee failed to prove the identity, genuineness and creditworthiness of the creditors - HELD THAT:- Assessees had duly disclosed the receipt of advance which is under appeal in their regular books of account. The assessees claimed to have sold shares against these advances in the immediately succeeding assessment year i.e. 2009-2010 and have also paid capital gains tax on the gains derived on sale of such shares. It is not in dispute that the related long-term capital gains have been also accepted as genuine by the department in the assessment for the assessment year 2009-2010. D.R. could not point out any material which was unearthed because of the search and which shows that the advances in question were not genuine in respect of which addition was made by the Assessing Officer and confirmed by the CIT(A). Thus, it is observed that the additions in question were not based on any search material. Additions so made de hors search material is unsustainable - Decided in favour of assessee.
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