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2016 (9) TMI 654 - ITAT DELHIAddition u/s 68 - racket of bogus accommodation entries - Held that:- As the ITAT is a final fact finding authority we feel that all relevant facts should be allowed to emerge before the issue is decided on merits. We also feel that both sides, Revenue as well as assessee should have got adequate opportunity to bring relevant facts on record. If either of the two sides has not got reasonable opportunity for this purpose it will be appropriate to cause such opportunities to be provided. As we have already noticed neither Revenue nor the assessee has received full opportunity to make relevant facts emerge. Perusal of ground 2.2 of appeal filed by Revenue shows that assesee is one among many persons who may have attempted to benefit from the alleged racketeering. When Investigation Wing of Income Tax Department has busted the racket of bogus accommodation entries ; and when the alleged entry operators have admitted on oath that they ran this racket ; and when name of the assesee is discovered as one of the beneficiaries of the alleged racket ; and when amounts are actually found in the books of assessee to be credited in the name of alleged entry operators ; burden was on the assessee to prove that it was not a beneficiary of the racket. In view of the foregoing we set aside the order of the Ld. CIT(A) and restore the matter to the file of the Ld. Assessing Officer to complete the assessment de novo with the direction to the Ld. Assessing Officer to provide copies of whatever adverse material the Ld. AO has in his possession, which were used or are proposed to be used against the assessee. The Ld. Assessing Officer will be free to carry out further inquiries as per law ; and the assesee will be free to submit / produce further materials / evidences before the Assessing Officer.
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